Myanmar to Auction Oil and Gas Blocks for Exploration Next Year

Myanmar will auction nine offshore oil and gas blocks for exploration next year, an official from state-owned Myanmar Oil and Gas Enterprise (MOGE) said on Tuesday.

Four shallow and five deep water blocks will be available and 65 percent of the shallow blocks have proven hydrocarbons while the deep water blocks are unproven, said Than Tun, director (offshore) of MOGE.

MOGE has done some exploration but did not have the right technology to assess how much oil there is, Than Tun said.

"There is a good chance for big discoveries in the future," he told reporters on the sidelines of an oil and gas conference organised by CWC Group in Myanmar's commercial capital, Yangon.

In March, Myanmar distributed 20 offshore oil and gas blocks to companies including Royal Dutch Shell (RYDAF), Total and Statoil (STO).

The government and companies are finalising contracts and exploration should begin on those blocks early next year, Than Tun said.

(By Jared Ferrie, Writing by Paul Mooney, editing by David Evans)