MOGE, oil companies sign production sharing contracts

MIC Chairman Union Minister U Zeyar Aung attends signing ceremony of Deep Water Block AD-3.
MIC Chairman Union Minister U Zeyar Aung attends signing ceremony of Deep Water Block AD-3.

Myanma Oil and Gas Enterprise under the Ministry of Energy and Ophir Myanmar (Block AD-3) Limited registered at Channel Islands and Parami Energy Development Ltd of Myanmar signed the production sharing contracts at Hilton Hotel in Nay Pyi taw on 4 December.
Managing Director U Myo Myint Oo of MPGE, Chief Operating Officer Mr William Higgs of Ophir Myanmar (Block AD-3) and U Nay Win of Parami Energy Development Co Ltd signed the contracts for AD-3 offshore Rakhine coast.
MOGE got US$ 6.5 million as signature bonus and US$ 1.26 million as data fee. The companies will spend US$ 258.3 million on one year observation period and six months exploration period for the block.
MOGE also signed a production sharing contracts with Oil India Ltd, Mercator Petroleum Ltd, Oilmax Energy Pvt Ptd of India and Oil Star Management Service Co Ltd of Myanmar for Mottama offshore M-4 block and Taninthayi offshore YEB block at Parkroyal Hotel in Nay Pyi Taw on Thursday.
Managing Director U Myo Myint Oo of MPGE, Group General Manager of Oil India Ltd of India Mr PK Sharma, Director Mr R Sattuluri of Oilmax Energy Pvt Ltd, Mr S Maheshwari of Mercator Petroleum Ltd and Managing Director U Kyaw Hlaing of Oil Star Management Service Co Ltd signed the contracts.
It is the signing ceremony for the first time of Mottama offshore M-4 block and Taninthayi offshore YEB block.
MOGE got US$ 6million for signing bonus and US$20,000 for data fee. They will spend US$ 120.9 million on one year observation period and six months exploration period for the two blocks.
The foreign companies are to conduct environmental and social impact assessments for the blocks.
The ceremony was attended by Chairman of Myanmar Investment Commission Union Minister for Energy U Zeyar Aung and party.

Share this post
Hot News
Hot News