Natural resources (Myanmar), Natural resources

Oil
Myanmar opened its hydrocarbon sector to foreign investment in late 1988. By end-2005 investment in the industry reached USD2.61 billion and attracted numerous foreign energy companies. The Ministry of Energy (MoE) reported that Myanmar's 22 oil and gas fields produced 8 million barrels of crude in 2005-06, increasing from 7.48 the previous year. In January 2005 a Chinese-Singaporean consortium signed a contract to explore for oil and gas in onshore blocks in the Indaw-Yenan area, Kachin State and the Shwebo-Monywa area, Sagaing Division as well as offshore in the Gulf of Martaban. Myanmar's refineries often operate well below their capacity of 51,800 barrels per day due to supply shortages and maintenance problems. Consequently, Myanmar is dependent upon costly imports of refined oil which more than doubled in value in 2007 to MMK3.8 billion (USD655 million) and accounted for more than 25 per cent of all imports in 2007.

Gas
Myanmar's natural gas reserves are among the largest in Asia, trailing Indonesia by a small margin and with the potential for more discoveries as the junta steadily opens up new areas to foreign exploration companies. This abundance of hydrocarbon wealth is set to both enrich the junta and its supporters and override whatever sensitivities other nations may have for dealing with the military regime. The MoE reported that 14.6 million m3 of gas were produced in the 2004-05 period most of which was exported to Thailand, earning revenues of USD2.5 billion. Revenues from gas sales are set to rise sharply over the next few years as new fields come into production. These include the Shwe Gas Project, a consortium led by Daewoo of South Korea which holds a 51 per cent stake, as well as Indian Oil and Natural Gas Corporation Videsh (ONGC) and Gas Authority of India LTD (GAIL) which respectively hold 17 per cent and 8.5 per cent shares. A deal between the consortium and China National Petroleum Corporation (CNPC) will expand joint exploration in one of the four blocks for which CNPC enjoys concession rights.Much of the existing gas is produced from the offshore Yadana and Yetagun fields in the Gulf of Martaban by a consortium led by France's TOTAL and including US company Chevron Texaco, Thailand's PTT-EP and the state-owned Myanmar Oil and Gas Enterprise. The gas is moved by pipeline to Thailand, where it is used by the state electricity generating

The complete article appears in the following publication:
Publication Title Sentinel Security Assessment - Southeast Asia
Publication date Oct 06, 2008
Section Natural resources
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