PSCs signed for four oil fields off Rakhine State

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Signing ceremony of Production Sharing Contracts in progress.—MNA

Production sharing contracts (PSCs) were signed here on 20 March for four oil fields located off Rakhine State, according to officials.
The contracts for offshore blocks A-4 and AD-2 was signed by the Myanma Oil and Gas Enterprise (MOGE) under the Ministry of Energy and BG Exploration & Production Myanmar Pte Ltd with Woodside Energy (Myanmar) Pte Ltd and Myanmar Petroleum Exploration & Production Company Ltd.
MOGE and Woodside Energy (Myanmar) Pte Ltd reached an agreement on production sharing  for offshore oil fields A-7 and AD-5 with BG Exploration & Producation Myanmar Pte Ltd and Myanmar Petroleum Exploration & Production Company Ltd.
Based in Britain and registered in Singapore, BG Exploration & Production Myanmar Pte Ltd will be an operator of the A-4 and AD-2 blocks, while Australia-based and Singapore-registered Woodside Energy (Myanmar) Pte Ltd will serve as an operator of the A-7 and AD-5 blocks. Myanmar will earn a US$82.4 million as a signature bonus and $3.7m as data fee from signing the contracts.
Two oil fields on shallow water drilling will take one year for observation and six years for exploration at a cost of $545.5m, and the other two on deepwater drilling two years for observation and six years for exploration at $535.1m.

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