A Chevron subsidiary will join the Myanmar state oil company to hunt for oil and gas offshore the small Southeast Asian country, according to a report by Fuel Tech on March 25.
Unocal Myanmar Offshore Company Ltd. has signed a production sharing contract on March 25 with the state oil company, Myanmar Oil and Gas Enterprise, to explore the Rakhine Basin.
The 2.6 million acre block lies 125 miles offshore northwest Yangon, the country’s largest city. The Chevron subsidiary will operate the block and hold a 99 percent stake in the project. The remaining 1 percent interest will go to Royal Marine Engineering Company, a Myanmar firm.
“Chevron is committed to exploring Myanmar’s energy potential,” Mr Brad Middleton, managing director of Chevron Asia South Business Unit said in a statement. “The exploration of this block is aligned with Chevron’s long-term strategy to find and develop resources that will help meet the growing energy needs in the Asia Pacific region.”