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Myanmar : AUTHORITIES need to monitor foreign companies investing in oil and gas
Publish Date : 09-Sep-2014
Vicky Bowman, the director of Myanmar Centre for Responsible Business said that, energy companies primarily from the US, Europe and Australia are involved in gas and oil sector and when giving permits to these companies authorities of Myanmar need to monitor them well. Foreign companies which plan to invest in gas and oil businesses have to enter tenders called by the Ministry of Energy and register at the Company Registration Department.
The Company Registration Department has to check according to specifications authorized by the Ministry of Energy, and it should check the data and history of these companies as well. Bowman said, “Companies entering now do not include many Asian companies but are from the US, Australia and European countries. What we know is that it is important for the government to look at the history of the companies that enter. They already know that the Asian companies that have existed here have become different from before, too.”
Myanma Oil and Gas Enterprise opened bidding for 16 onshore oil and gas concessions and in March 2014, permitted 20 offshore projects in October 2013 as well. Companies that got permission for these projects include Conoco-Philips and Chevron from the US, ONGC from India, Total from France, BG from the UK, the British Virgin Islands-registered MPRL, Petronas from Malaysia and PTTEP from Thailand. Companies investing in the gas and oil sector need to work with global standards and manage the dangers resulting from such projects.
Win Kyaw Kyaw, who is in charge of media from at MCRB, said, “Our Ministry of Energy was trained in Nay Pyi Taw. In the training, we not only had to look at the data and records submitted by companies but also to observe them ourselves.” Myanmar confirmed reserves of offshore natural gas totalling around 7.8 trillion cubic feet, and reserves of around 50 million barrels of oil both off- and onshore.
