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Myanmar – Upstream Oil & Gas Update

In this briefing we comment on the recent award of offshore blocks in Myanmar.

Offshore Blocks

While Myanmar is traditionally known to be a net importer of oil, it has the potential to hold undiscovered offshore oil and gas reserves. According to BP’s annual global analysis report 2012, Myanmar has a reported 7.8 trillion cubic feet of proven natural gas reserves, estimated to be worth US$75 billion. While a portion of this gas is located onshore, a significant portion is expected to be found in blocks located offshore. More…