Malaysia’s Petronas Bidding For Onshore Myanmar Field

Via Reuters, a report that Malaysia’s state oil firm Petronas has put in a bid for an onshore energy field in Myanmar.  As the article notes:

“…At the moment in Myanmar we are only offshore and the business has been quite good,” Wee [Executive Vice President of Exploration and Production Wee Yiaw Hin] told reporters after announcing Petronas’ quarterly earnings.

“There has been recently a bid on the onshore block and we are looking at opportunities to go onshore in Myanmar.”

Wee said the bidding process will end some time next year. He added that he was not aware of any other Malaysian companies bidding for the same blocks.

Wee was earlier quoted as saying Petronas was deriving good value from operations in Sudan, Myanmar, Turkmenistan and Vietnam and is on the lookout for “new basins and a few value growth areas” in these regions.

Myanmar closed its biggest oil and gas exploration tender in years in August, a few months after it cautiously started political reforms, and the government is now processing bids.

This entry was posted on Thursday, December 1st, 2011 at 11:37 am and is filed under Burma, Malaysia, Myanmar, Petronas.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

Comments are closed.

Wildcats & Black Sheep is a personal interest blog dedicated to the identification and evaluation of maverick investment opportunities arising in frontier - and, what some may consider to be, “rogue” or “black sheep” - markets around the world.

Focusing primarily on The New Seven Sisters - the largely state owned petroleum companies from the emerging world that have become key players in the oil & gas industry as identified by Carola Hoyos, Chief Energy Correspondent for The Financial Times - but spanning other nascent opportunities around the globe that may hold potential in the years ahead, Wildcats & Black Sheep is a place for the adventurous to contemplate & evaluate the emerging markets of tomorrow.