One of Taiwan’s two major fuel providers, CPC Corp, joins China’s oil giant, Sinopec, with a 30% stake in gas reserves project in Myanmar. This collaboration will contribute to increased stability in Taiwan’s energy sources and supplies as well as control in prices.
Myanmar’s immense potential in oil & gas is drawing increasing participation from regional industry players. A leading natural gas exporter in Asia, Myanmar boasts gas reserves at an approximated 10 trillion cubic feet, and oil reserves stand at 50 million barrels. However, the lack of technical know-how and expertise is an obstacle for the local companies.
Through foreign investments and explorations in oil & gas blocks bids, Myanmar aims to bring foreign companies’ technology, expertise and knowledge to the local companies and at the same time, leveraging on the foreign counterparts’ financial capabilities.
Major foreign entities, especially the Indian players, have since expressed high level of interest in exploring Myanmar’s oil & gas potentials as the nation continues to rise as a vital chess piece in the region’s oil & gas race, especially against the Chinese domination. Of the 59 prospective bidders in the upcoming 30 offshore blocks bid (11 shallow and 19 deep-sea oil & gas blocks) in June, seven are from India, including state-run ONGC Videsh Ltd and Oil India Ltd.
Some of the global giants that are competing in June’s offshore blocks bid are Royal Dutch Shell, Chevron Corp, ConocoPhillips and Exxon Mobil Corp.
From September 23-27, Myanmar’s Ministry of Electric Power and Ministry of Energy will host the 3rd MOGP Week in collaboration with CMT, outlining the nation’s oil & gas and power masterplans as well as upcoming opportunities.
For program details, event information or enquiries, please contact:
Ms. Grace at firstname.lastname@example.org / Tel. +65 6346 9147
Ms. Huiyan at email@example.com / Tel. +65 6346 9113
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