Vietnamese firms to explore Myanmar’s oil reserves

Two Vietnamese companies have signed a production sharing contract with Myanmar Oil and Gas Enterprise (MOGE), Myanmar’s New Light reported.

Under the terms of the contract, Petrovietnam Exploration Production Corporation Ltd, Vietsovpetro and Eden Group Co Ltd of Myanmar will search for oil and gas at M-2 block off the coast of Mottama, south Myanmar.

The contract, inked on October 5, also marks the first time Vietnamese companies have participated in oil exploration in Myanmar.

During the Vietnamese Prime Minister Nguyen Tan Dung’s visit to Myanmar in August 2007, the two sides signed a Memorandum of Understanding regarding their cooperation in oil exploration.

Foreign investment in Myanmar’s oil industry stood at more than 3.2 billion USD by the end of 2007, according to the paper.

VNA

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