Myanmar Opens its Doors to Foreign Oil and Gas Exploration

Reuters reported that Than Htay, Myanmar’s energy minister, said the country may offer about 10 offshore and 10 onshore oil and gas exploration blocks now that sanctions have been eased.

As quoted in the market news:

“Since the sanctions have been eased by the U.S., the UK, the western powers, the giant companies are interested; they come to my ministry daily to discuss how they could participate,” [Htay] said.

“Shell (RDSa.L) is inquiring, BG (BG.L) from the UK is also coming to discuss … There are many giant firms coming.”

The tender would be the first opportunity in at least 15 years for U.S. oil firms to participate in Myanmar’s energy sector after Washington relaxed sanctions last month to allow for new investment.

Click here to read the full Reuters report.