PetroleumBRUNEI acquires stake in Myanmar oil block

National 1 minute, 41 seconds


BRUNEI National Petroleum Company Sdn Bhd (PetroleumBRUNEI) has acquired a 87.25 per cent interest as the operator of Myanmar’s onshore Block EP-1, following the signing of an oil production sharing contract yesterday.

PetroleumBRUNEI, Myanma Oil and Gas Enterprise and International Group Enterprise Pte Ltd yesterday signed the production sharing contract at Nay Pyi Taw, Myanmar, a statement from PetroleumBrunei said.

International Group Enterprise Pte Ltd now holds a 12.75 per cent stake of Block EP-1, which is located 250km north of Yangon and covers an area of 1,135 square kilometres.

The signing ceremony marks PetroleumBRUNEI’s milestone as the operator and in its journey towards increasing international investments, the statement said.

The state-owned oil company was awarded Block EP-1 (Kyaukkyi-Mindon area) on November 19, 2013 after participating in the 2013 Myanmar Onshore Bidding Round, PetroleumBRUNEI said in a statement.

Signing on behalf of PetroleumBRUNEI was its Managing Director and CEO Dato Paduka Matsatejo Sokiaw, while managing directors, U Myo Myint Oo and Than Win Swe presented Myanma Oil and Gas Enterprise and International Group Enterprise respectively.

Minister of Energy at the Prime Minister’s Office Yang Berhormat Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj Mohd Yasmin Hj Umar said the contract signing was seen as an important step to the strong and close relations between Brunei and Myanmar.

YB Pehin Dato Hj Mohd Yasmin said, “In carrying out its operations in EP-1, PetroleumBRUNEI is committed to ensuring a high safety, environmental standards and work alongside the local business community”.

The minister added: “PetroleumBRUNEI is committed to fulfilling its obligations under the production sharing contract to explore the Block diligently and invest in any commercial discoveries.”

He added that said the hard work of officials from both sides have materialised the vision of both country’s leaders, to reach a new stage of bilateral relationship in the energy sector.

During His Majesty’s second state visit to Myanmar in March, His Majesty had reiterated the potential of cooperation in the energy sector between both countries.

The Brunei Times