Signing Ceremony: PSC for Mottama Offshore Block (M-10) signed

The Myanma Oil and Gas Enterprise (MOGE) under the Ministry of Energy, and Gulf Petroleum Myanmar Co., Ltd., a Thai company based in Myanmar, on May 29, held a signing ceremony at the Ministry of Energy in Nay Pyi Taw for a Production Sharing Contract (PSC) for the Mottama Offshore Block (M-10), Min Ya Thu Project, to allow for the exploration, drilling, production, and utilization of oil and natural gas.

At the ceremony, Union Minister U Ko Ko Lwin stated that current offshore projects are experiencing declining natural production rates as they near completion, and therefore, it is necessary to begin exploration and production in promising new blocks. He expressed pride and satisfaction at the successful signing of the PSC for the Mottama Offshore Block (M-10).

Following that, the CEO of Gulf Petroleum Myanmar Co., Ltd. delivered a note of thanks, and then the Director General of MOGE and the CEO of Gulf Petroleum Myanmar Co., Ltd. signed the Production Sharing Contract (PSC) for the Mottama Offshore Block (M-10) Min Ya Thu Project, commemorating the occasion with a group photo. Up to date, Myanmar has a total of six major offshore projects including four ongoing projects (Yadana, Yetagun, Zawtika, and Shwe) and two under further exploration and development.

This newly signed Mottama Offshore Block (M-10) represents the seventh major offshore project in the country and is also the first offshore project to be initiated under the current administration of the State Administration Council, it’s learnt.