Traders Hotel, Yangon
"Gearing Up for the Emerging
"Myanmar to Launch Tender for Six Oil and Gas Blocks"
"Myanmar Nearing Decision on Currency Float in Biggest Shift Since Opening"
"Myanmar to build on sweeping reforms"
Under the new reform climate Myanmar's future looks bright with keen investor uptake in key sectors including the pivotal Oil/Gas industry . The new year saw the continuation of the amazing shifts in policy by the recently set up civilian government. The much awaited key reforms are reciprocated by Western governments sending in high level officials and culminating in the proposed exchange of Ambassadors between the American and Myanmar governments.
Myanmar's onshore and offshore mineral potential is too great for investors to ignore. Whilst awaiting the expected removal of economic sanctions against the New Myanmar the international oil and gas executives are planning and preparing for their participation in the lucrative oil and gas deals. CMT's MOGP Summit is a very useful platform.
In early January, ten onshore oil and gas blocks were awarded to 8 companies in Myanmar's biggest energy tender in years. Largely untapped resources, the country's proven crude oil reserves at 3.2 billion barrels and gas reserves at 11.8 trillion cubic feet have drawn interest from China, India, Russia, Switzerland and South East Asia. The Ministry of Energy (MOE) and Myanmar Oil and Gas Enterprise (MOGE) are NOW looking at the next offering of Nine offshore energy blocks to bidders.
The rapid reforms with the support of global investments will set the New Myanmar economy on a fast-track growth. Correspondingly, infrastructure obstacles such as for ports and storage terminals, pipelines, transportation network have to be overcome and most importantly supply of electric power and utilities. Debating between the need to drive up utilities provision and social well-being of the people, the government recently announced the suspension of the Myitsone hydropower dam project and cancellation of a coal-fired power plant in Dawei port development. What is the Electric Power Ministry's plan for Myanmar's power utilities demand?
- Ministry of Energy, Myanmar
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MOGP (Myanmar Oil, Gas & Power) summit, the one and ONLY governmental cum industry gathering is all set to welcome close to 300 delegates, representing the movers and shakers from the O & G industry in more than 20 countries, to Yangon.
See below the breakdown of attendee profiles:
To date the event has already secured participation from the industry’s influential names like Mitsui & Co, JX Nippon Oil & Gas Exploration, Total, Geopetrol, PGS, Chevron, Total, PTT, Salamander Energy, CNOOC, Roc Oil, Mitra Energy Limited, ENI, Pitkin Petroleum, Chevron, Talisman, BG, Perenco Holdings, Shell, Coastal Energy, Mitsubishi Corporation, Japan Oil Gas and Metals National Corporation, Fichtner Gmbh & Co Kg, Uhde, GS Engineering & Construction , Foster Wheeler, M+W, Trafigura Pte Ltd, SK, Baker & McKenzie Ltd., Gibson, Dunn & Crutcher, Chandler and Thong-ek Law Offices Ltd, Hogan Lovells, Sumitomo, Todd Corporation and many more!
Japan hoping to build long-nurtured ties with Myanmar plans to resume full-fledged development aid to the country to help finance its infrastructure projects. Following Myanmar's crackdown on democracy movements in 1988, Japan had cut down on its development assistance to the country to humanitarian aid and suspended yen loans. Foreign Minister Koichiro Gemba says he had visited Myanmar last December and is convinced that the country is taking genuine steps towards democracy.
In the wake of the Myanmar's political reforms, foreign investors are flocking to Myanmar in recent months with a keen interest in the untapped O & G investment opportunities in the country. CMT and Myanmar's Ministry of Energy will welcome more than 200 delegates to the official MOGP ( Myanmar Oil, Gas & Power ) Summit on 27-29 Mar, 2012 in Yangon. Throughout the 3 days delegates will hear experts evaluate oil major's experiences, emerging trade/export opportunities, latest legal, taxation & other approval processes that investors need to be aware of and much more.
Read complete article here.
Rapid series of political, economic and administrative reforms are abuzz in Myanmar. Its no wonder Myanmar is occupying international headlines over the recent weeks. A quick overview of the recent key developments include:
|i. US Secretary of State Hillary Clinton visited Myanmar in December 2011, first visit by a Secretary of State in more than fifty years.|
|ii. Myanmar has embarked on policy reforms of foreign investment laws and taxation.|
|iii. US, Australia and the EU are considering the lifting of international sanctions on the Burmese government on unconditional release of all political prisoners.|
|iv. US restores full diplomatic ties with Myanmar|
|v. As a consequence of the reforms, ASEAN has approved Myanmar’s bid for the chairmanship in 2014.|
|vi. EU starts lifting Myanmar sanctions, rewards reforms|
Basking in such optimistic scenario, Myanmar is becoming a bridge between its neighboring countries and a hub for economic activity and trade. Economic and Political reforms in Myanmar is paving the way to foreign investments in oil and gas. Undeniably, the country is being propelled into a position of growing strategic opportunities.
To reflect this, CMT and Myanmar's Ministry of Energy have officially put together MOGP ( Myanmar Oil, Gas & Power ) Summit on 28-29 Mar, 2012 in Yangon to discuss key issues like processes involved in securing upstream oil & gas exploration ventures, identifying the key challenges, drivers and new business opportunities in Myanmar’s O & G industry.
Burma has awarded 10 onshore oil and gas blocks to eight companies in its biggest energy tenders in years , according to a report. The blocks were awarded mostly to Asian companies, including Malaysia's Petronas , Thailand's PTT Exploration and Production and Jubilant Energy, India.
The positive developments currently taking place as Myanmar is precisely what CMT’s MOGP (Myanmar Oil, Gas & Power) summit on 27-28 Mar, 2012 aims to unveil. Key industry experts in Yangon will deliberate not just on Geological Outlook on the Oil/Gas Blocks for E&P, and Opportunities for Foreign Investment/Ventures but expected to shed light on details about projects already given out to:
i. Malaysia’s Petronas has won right to explore two blocks
ii. Thailand’s PTT Exploration and Production has also won two blocks
iii. PT ITSTECH Resources Asia , Indonesia, one block
iv. Tianjin New Highland ,China, one block
v. Hong Kong-listed EPI Holding, one block
vi. Jubilant Energy, India bagged a production sharing block
vii. Switzerland-based Geopetrol International Holdings Inc secured secured the rights for a marginal oil field
viii. Russian-linked CIS Nobel Oil Company won a production sharing contract for one oil and gas field
The final agenda with speakers details and sessions are currently being finalized and will be released shortly. Meanwhile one can contact Ms. Huiyan at email@example.com or +65 6346 9113 or Pre-Register now.
Source: Myanmar times(9 Jan, 2012)
Hillary Clinton's November 30-December 2 , 2011 visit - the first by a U.S. Secretary of State in 50 years has shifted the investment mindset for Myanmar to achieve ‘frontier market’ status. Investors are cautiously observing and following the positive developments taking place in Myanmar. While some multinational companies have expressed interest in its natural gas reserves, some are skeptical. Still, hopes are high that Clinton's visit may clear the way for future progress with the lifting of US sanctions. Moreover, Myanmar's forecast economic growth of 8.8 per cent in 2012 may outpace even that of its biggest trading partner, China. Several projects are coming up including the Dawei deep sea port and the special economic zone in the south-western part of Myanmar including plans for power plants and infrastructure projects.
Also, thanks to oil concessions, the oil and gas activity will definitely continue to be active in the coming years. Myanmar with its largely untapped oil and gas resources is now opening doors for foreign investments. In the wake of the positive developments that have been taking place recently and its strategic location between India, China and Southeast Asia making it a vital energy security asset, CMT is hosting a timely MOGP (Myanmar Oil, Gas & Power) conference on 28-29 Mar, 2012 in Yangon to reflect on oil & gas investment in Myanmar. Key issues to be addressed include Pipeline development & regional energy cooperation, processes involved in securing upstream oil & gas exploration ventures and many more.