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Plummeting oil prices could hit Myanmar production

- - - - - oil gas

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BurmeseNews

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Myanmar’s crude oil production has plummeted from its peak, and will require new discoveries to reverse the trend, according to Than Htun, an adviser to Myanma Oil and Gas Enterprise.
 
But some oil industry figures worry that companies will give up oil exploration if the price stays low.
 
Average yearly production from onshore and offshore wells ran as high as 20,000 barrels per year in the 1980s. But production has since dropped to around 7500 barrels per year, Than Htun said.
 
He estimated the drop in average production since the 1980s at 50% to 60%.
 
Than Htun also doubted Myanmar would be able to increase production from its existing onshore wells.
 
“We’ll only see results when we find a new oil field,” the Myanmar Times on Wednesday quoted him as saying.
 
The Energy Ministry has permission to set up 16 new oil wells. But even new oil wells in areas like the Yay Nan Chat and Yay Nan Chaung oil fields are unlikely to be abundant, he said.
 


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Myanmar current gov't allows 38 offshore blocks for gas exploration tender

 

Myanmar's current term of government has allowed 38 offshore blocks for tender for gas exploration, leaving 13 blocks for further undertaking, an official report said Wednesday. 

 

http://www.shanghaid....aspx?id=317040







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