Italian oil and gas company Eni has signed two Production Sharing Contracts (PSC) for offshore blocks MD-02 and MD-04, reports Zacks Investment Research on April 2.
The contracts have been awarded to the company after its participation in the International Bid Round initiated by the Myanmar government, according to Zacks.
The contracts were signed in the presence of the country’s Energy Minister U Zay Yar Aung in Nay Pyi Taw. This is a joint venture that will have Eni as the operator with 80 percent participating interest, which it would hold through Eni Myanmar B.V. The remaining 20 percent is held by Petrovietnam Exploration Production Corporation Limited.
Located in the southern part of the Bay of Bengal in the Rakhine Basin, Block MD-2, lies about 135 kilometers from the coast, west of the Yadana field. The Yadana field is a major offshore discovery in Myanmar. The block is spread across acreage of 10,330 square kilometres in water depths ranging from 500 meters to 2400 metres.
Block MD-4 is situated in the Moattama-South Andaman Basin, nearly 230 kilometres from the coast, and west of the Yetagun gas field. The block spans across an area of 5,900 square kilometres in water depths of 1,500–2,200 metres.