LONDON, March 26 — British energy firm BG Group has won shares in two exploration blocks in offshore Myanmar to hunt for natural gas, it said today.
BG will operate two blocks, A4 and AD2, with an equity stake of 45 per cent and 55 per cent respectively, the group said in a statement.
The London-listed firm added it has also secured non-operated acreage in blocks A7 and AD5, with a 45-per cent equity holding in each.
The blocks are in the Rakhine Basin, in the western offshore area of Myanmar and were awarded as part of the government’s 2013 bid round.
“BG Group and its bidding partners have committed to a 3D seismic acquisition programme in each block, which we expect to begin in 2014/15 with options for future drilling,” BG said in a statement.
“This award is in line with BG Group’s strategy to focus on securing prospective frontier acreage and enter, on average, one new basin each year.”
Myanmar’s President Thein Sein has overseen a series of dramatic reforms since taking office in 2011.
In response, the West has begun rolling back sanctions and foreign firms are lining up to invest in the resource-rich country. — AFP
