Chevron to further explore offshore Myanmar
- Business & Finance
Chevron Corporation announced its Myanmar subsidiary, Unocal Myanmar Offshore Co., Ltd., has been granted exploration rights in a block located offshore Myanmar, in the Rakhine basin.
Block A5, which spans more than 2.6 million acres (10,600 sq. km), is located approximately 125 miles (200 km) northwest of Yangon. Unocal Myanmar Offshore Co., Ltd. will be the operator of the block with a 99 percent interest. Royal Marine Engineering (RME), a Myanmar-based company, will hold the remaining interest in the block.
“This award expands Chevron’s leading position in Asia and complements the company’s portfolio of exploration opportunities,” said George Kirkland, vice chairman and executive vice president, Chevron Corporation. “The exploration of this block is aligned with Chevron’s long-term strategy to seek opportunities to provide energy to a growing region.”
“We are pleased with the result of this bid round and the opportunity to evaluate the potential of this strategic acreage,” said Melody Meyer, president of Chevron Asia Pacific Exploration and Production Company. “We have a 20-year history in Myanmar, and we look forward to supporting the continued development of the nation’s energy sector through the exploration of this prospective block.”
Chevron subsidiaries hold a 28.3 percent non-operated working interest in a production sharing contract for the production of natural gas from the Yadana and Sein fields within Block M5 and M6 in the Andaman Sea. The company also has a 28.3 percent non-operated interest in a pipeline company that transports the natural gas from Yadana to the Myanmar-Thailand border for delivery to power plants in Thailand.
Press Release, March 27, 2014