State-owned Myanmar Oil and Gas Enterprise (MOGE) and a China-Singaporean consortium signed a production sharing contract for exploration of oil and gas, official media and sources said on Saturday.
The Consortium comprises China National Offshore Oil Company (CNOOC) Myanmar Ltd of China, China Huanqiu Contracting and Engineering Corporation of China and Golden Aaron Pte. Ltd of Singapore.
Under the contract signed on Friday, the signatories will cooperate to explore oil and gas at Block M, an onshore block covering about 7,760 square km (2,996 sq mile) in Kyaukpyu Region, Rakhine State, in western Myanmar.
Official statistics show that Myanmar has a total of 87 trillion cubic feet of gas reserves and 3.2 billion barrels of recoverable crude oil reserves in the country's 19 onshore and major offshore oil and gas fields.
A total of 349845.75 MCF of gas and 7.165 million barrels of crude oil were produced in fiscal year 2003-2004 (April/March).
During that period, Myanmar earned $673 million from the export of 200155.6 MCF of gas, while it imported $274.33 million worth of refined oil and $12.17 million worth of crude oil.
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