SINGAPORE:Myanmaris inviting the international energy community this week to take part in its most lucrative export industry, hoping recent political reforms will create a flood of foreign investment.
The reclusive Southeast Asian nation will host a two-day conference, starting on Wednesday, which organisers say is the first major oil industry gathering since the country's transition to a civilian government last year.
The meeting comes just days before crucial parliamentary by-elections that will be contested by opposition leader Aung San Suu Kyi, and which if run free and fair, could trigger the lifting of US and European sanctions in the formerBurma.
This would give the green light to Western oil investors who have largely just watchedChina,Indiaand other Asian nations developMyanmar's energy sector for the past 15 years.
"We didn't need to convinceMyanmar's government to hold this conference. They themselves realised that it's important to open up and really tell the world what the opportunities are," said G. Seelan, managing director of Singapore-based organisers, Centre for Management Technology.
Hundreds of delegates from 35 nations will attend the meeting, at whichMyanmar's Minister of Energy Than Htay and other top government officials will outline plans for the exploration and production of oil and natural gas.
Attendees will also address the huge infrastructure obstacles facingMyanmar's economy, such as ports, storage terminals, transportation and electricity supplies.
Myanmarhas more than 100 onshore and offshore blocks with more than half yet to be awarded. It is expected to launch a global tender for six blocks this year, following the awarding in January of 10 out of 18 offered onshore blocks, which were snapped up mostly by Asian firms.
Myanmar's neighbours fromChinaandIndiatoThailandandBangladeshhave been sizing up its natural gas fields, hoping they can feed their own rapidly growing energy needs.Myanmarwill begin to supply gas toChinanext year and will boost exports toThailandthrough its Zawtika gas field.
Oil minister Than Htay told Reuters in January that Myanmar held 22.5 trillion cubic feet of natural gas reserves, almost double the 11.8 trillion estimated by oil major BP in its 2011 statistical review.
WhileMyanmar's potential is undisputed, its human rights record may dictate the amount invested in the energy sector.
TheUSgovernment still bars firms from making new investments inMyanmarand European firms say they need concrete signs that the government is committed to democracy before setting up major projects.
International oil majors, however, including Royal Dutch Shell,USoil majorChevron,Italy's Eni and France's Total are expected to attend.
But the conference is likely to be dominated by Asian firms ranging from China National Offshore Oil Corp andMalaysia's state firm Petronas toThailand's PTT Pcl andJapan's JX Nippon Oil & Energy Corp, the organisers say.
"Foreign oil companies should not come in toMyanmaryet. There is still a lack of transparency and the investment in the oil and gas sector is not benefiting the country or the people's livelihood," said Jockai Khain, director of rights group Arakan Oil Watch.
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