• 1 hour Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options
  • 7 days China’s Sinopec Puts $1B Argentina Oil Assets Up For Sale

A Historic Event in An Oil & Gas Frontier

We saw some big news this week on new petroleum exploration. In a place many observers thought would never be open to modern E&P firms.

That's the southeast Asian nation of Myanmar, formerly known as Burma.

Authoritarian politics here made the country a no-go for most foreign investment during the last 50 years. Up until a few years ago, when the government finally began a shift toward democracy.

That change has now paid off for oil and gas firms. With Myanmar announcing the results of its first-ever modern licensing round for the high-potential offshore here.

The government granted 10 shallow-water blocks along with 10 deepwater licenses. Concluding a bidding process that began almost a year ago.

Expect some big discoveries to come out of these projects. With Myanmar having seen little foreign investment, it's one of the few truly frontier petroleum basins outside of difficult operating environments like the Arctic or the Caspian. And given the geological similarities to proven petroleum provinces like Thailand and India, there are almost certainly big pools to be found.

In fact, recent work by some early-in explorers has already demonstrated the big upside. This month, Thailand petro-major PTTEP said it is about to begin producing 300 million cubic feet per day of gas from its offshore Zawtika field in the northern Andaman Sea. The company having been granted an earlier license for work here, in direct negotiations with the government.

Some of that gas will feed local demand. But nearly two-thirds of the output will be exported to high-value markets in Thailand. Giving a big financial push for gas production here.

Other big E&Ps seem to also be encouraged by all this upside. With this week's bid round including awards to major firms like BG, Chevron, Shell, Statoil, and Eni. The complete list of winners is here.

There are also a handful of junior firms getting a foot in the door. Such as Australian-listed ROC Oil and Tap Oil. For such firms, the discovery potential here is very material.

It will take some time for exploration to advance. But this is a space to watch for some big finds.

Here's to re-writing history,

By Dave Forest




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News