THE Myanmar Oil and Natural Gas Enterprises and Myanmar-based Thailand national-owned Gulf Petroleum Myanmar Co Ltd organized the signing ceremony of the Production Sharing Contract for Min Ye Thu Project Mottama offshore Block M-10 in Nay Pyi Taw yesterday.
Speaking on the occasion, Union Minister U Ko Ko Lwin said it is necessary to extract and utilize the natural gas that is abundant in the country. Currently, the major offshore projects under production are facing a decline, and as the projects are nearing completion, the exploration, drilling and production operations are being made in promising areas with potential for oil and natural gas.
The contract for Min Ye Thu Project Mottama offshore Block M-10 will bring benefits such as strengthening financial investment in exploration, drilling and extracting, earning foreign income, creating local job opportunities and providing natural gas needs of the country.
He also urged the officials to strive for successfully commencing the initial extraction of natural gas by the target year of 2028, which is the main objective of the project. Appreciation was also expressed to the relevant ministries that cooperated in the contract signing process, the staff of Gulf Petroleum Myanmar Co Ltd and all personnel from the Ministry of Energy.
The CEO of Gulf Petroleum Myanmar Co Ltd made a remark, and the managing director of the Myanmar Oil and Gas Enterprises and CEO of Gulf Petroleum Myanmar Co Ltd signed the contract and posed for a documentary photo.
The government currently operates four offshore natural gas projects: Yadana, Yedagon, Zawtika and Shwe, and two further offshore projects, totalling six projects. The Min Ye Thu Project Mottama offshore Block M-10 is the seventh offshore project of the country, and it is the first project being implemented in the tenure of the State Administration Council. — MNA/KTZH
