Myanmar awarded deep sea exploration contract

Daily Times file photo ConocoPhillips has announced it will suspend San Juan Basin drilling.
Daily Times file photo
ConocoPhillips has announced it will suspend San Juan Basin drilling.

The Myanmar Government has awarded a contract to Statoil and Conoco Phillips to explore an offshore block for oil and gas off the Rakhine coast. Statoil is a Norwegian company which operates in 36 countries while Conoco Phillips is based in Houston, Texas and operates in over 27 countries.
The companies’ Singapore based subsidiaries will be responsible for the exploration and an environmental impact assessment will be conducted first. According to the Kyemon newspaper the companies will invest over $323 millions dollars to explore the block and production sharing agreements would span eight years.