PVEP has signed a Production Sharing Contract (PSC) in Myanmar

PVEP has signed  a Production Sharing Contract (PSC) in Myanmar - 

In Myanmar was performed a ceremony on signing PSC for  Myanmar offshore MD-2 and MD-4 lots between Myanmar Oil and Gas Enterprise (MOGE) and Italian Petroleum Company (ENI) together with PetroVietmam Exploration and Production Corporation (PVEP).

According to the PVEP, with a 80% capital share, ENI participates as the CEO of the Project with ENI Myanmar B.V Company as the Representative. PVEP participates in Joint Venture with a 20% capital share.

The Contract for MD-2 and MD-4 lots include a 2 year stage for study and following 6 year stage for search and exploration which divided into 3 sections.

The MD-2 Lot is located in the south of the Bengal bay under the Rakhine basin, in about 135 km from the coast, to the east of the Yadana a largest petroleum field that has been discovered in Myanmar so far. The field has an area of 10,330 km2 and a depth of 500m - 2400m.

While the MD-4 Lot belongs to the Moattama – South Andaman basin, in about 230 km from the coast, to the East of Yetagun Gas field with an area of 5,900 km2 and a depth of 1,500m – 2,200m.

PVEP has started the petroleum activities in Myanmar since 2008, with a PSC in the offshore M-2 Lot under Moattama basin where gas discovered in June, 2013.

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