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Mercator’s arm inks PSC with Myanma Oil & Gas Enterprise

08 Dec 2014 Evaluate

Mercator’s subsidiary - Mercator Petroleum in consortium with Oil India (OIL), OilMax Energy and Oil Star Management Service Company has entered into the Production Sharing Contract (PSC) with Myanma Oil & Gas Enterprise (National Oil Company of Myanmar) for Block ‘M-4’ (Moattama Offshore Area) and Block ‘YEB’ (Tanintharyi Offshore Area) offshore Myanmar. Both the blocks are in shallow waters with a vast area wherein Block M-4 covers approximately 10,380 KMs and Block YEB covers approximately 21,297 KMs. OIL, a Government of India undertaking, is the designated operator of both these blocks. Mercator Petroleum has 25% participating interest in both the blocks.

Myanmar is the second largest nation in South-East Asia with huge unexplored and untapped hydrocarbon basins with a large captive market. Myanmar offshore falls in the emerging petroleum provinces in the Bay of Bengal. Mercator Petroleum in consortium with OIL, OilMax Energy and Oil Star Management Service Company participated in recently concluded bidding round of several offshore blocks in Myanmar which saw a huge interest from energy giants such as BG, Total, Shell, ENI, Chevron, Statoil, ConocoPhillips ONGC, Reliance etc.

Earlier in March this year, Mercator Petroleum in consortium with OIL and OilMax Energy, had been chosen as the selected candidate by the Ministry of Energy (MOE) of the Republic of the Union of Myanmar, for two shallow water offshore oil blocks, in the Myanmar Offshore Block Bidding Round - 2013.

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