Myanmar Signs Production Sharing Contract with Gulf Petroleum Myanmar for Offshore Block M-10

Myanmar’s state-owned Myanma Oil and Gas Enterprise (M.O.G.E.) has recently inked a production sharing contract (PSC) with Gulf Petroleum Myanmar, a Thai-owned company operating in Myanmar, for the exploration and development of an offshore oil and gas block in the Gulf of Mottama.

The PSC, signed for the offshore block M-10, also known as the Min Ye Thu project, signifies a significant step towards boosting Myanmar’s energy sector. This marks the country’s seventh offshore project, joining the likes of Yadana, Yetagun, Zawtika, and Shwe.

At the signing ceremony held on May 29, high-ranking officials from various ministries and Gulf Petroleum Myanmar executives were present to celebrate this milestone in Myanmar’s energy industry.

Strategic Importance of the M-10 Project

Union Minister for Energy U Ko Ko Lwin emphasized the strategic importance of the M-10 project in meeting Myanmar’s energy needs, increasing revenue, and creating job opportunities. With declining production from existing offshore projects, the Ministry of Energy is focused on exploring new blocks with high potential for oil and gas extraction.

The Minister outlined the economic benefits expected from the M-10 project, including increased investment, foreign exchange earnings, and meeting domestic energy demands. The target for the first natural gas production from the M-10 block is set for 2028.

Regional Oil and Gas Developments

Myanmar’s energy sector is part of the bustling oil and gas developments in Southeast Asia. In a similar vein, Canada’s Valeura Energy recently completed a successful multi-well drilling campaign in the Gulf of Thailand, leading to significant discoveries. Additionally, Valeura Energy made a final investment decision for the redevelopment of the Wassana field off Thailand’s coast.

With the signing of the PSC for the M-10 project, Myanmar is poised to enhance its energy production capabilities, attract foreign investment, and contribute to the country’s economic growth.