Chevron's subsidiary, Unocal Myanmar Offshore entered into a Production Sharing Contract, PSC, with Myanmar Oil & Gas Enterprise, MOGE, to explore for oil and gas in the Rakhine Basin of Myanmar, announced on Tuesday.
Unocal Myanmar Offshore will be the operator of the block with a 99 percent interest and Royal Marine Engineering, a Myanmar company, will hold the remaining interest in the block, according to the Chevron's statement.
'Chevron is committed to exploring Myanmar's energy potential,' said Brad Middleton, managing director, Chevron Asia South Business Unit. 'The exploration of this block is aligned with Chevron's long-term strategy to find and develop resources that will help meet the growing energy needs in the Asia Pacific region.'
'This agreement expands our partnership with MOGE and Myanmar,' said Scott Neal, President of Unocal Myanmar Offshore Co. Ltd. 'We have a 20-year history in Myanmar and we look forward to supporting the continued development of the nation's energy sector through our exploration program.' he added.
Chevron has a 28.3 percent non-operated interest in a PSC for the production of natural gas from the Yadana and Sein fields in the Andaman Sea. The company also has a 28.3 percent non-operated interest in a pipeline company that transports most of the natural gas to the Myanmar-Thailand boarder for delivery to power plants in Thailand.
US based Chevron is one of the world's leading integrated energy companies, with subsidiaries worldwide. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; and develops biofuels.
By Huseyin Erdogan
Anadolu Agency
huseyin.erdogan@aa.com.tr