Wednesday, 26 February 2014

Local oil and gas firms form new association

Local energy companies seeking a bigger share in the exploration and production of the country’s oil and gas resources have formed MOGSS, the Myanmar Oil and Gas Services Society, the group announced at a press conference last week.

The formation of the group comes at a time when international energy giants are poised to enter the Myanmar energy market with the government already announcing the winners of a tender to explore 18 onshore blocks, while those to be awarded exploration and production rights for 30 offshore blocks are expected to be announced shortly.

“The international energy giants are coming. After contracts for those onshore and offshore blocks are signed, the international oil and gas companies will have to invest at least US$2-3 billion over the next three years. We have to get a bigger share of the oil and gas service industry,” said U Kyaw Kyaw Hlaing, chair of MOGSS.

The international companies will get 80 percent of the oil and gas industry service in Myanmar, while local companies take the rest, he said.

“There are about 20 Myanmar companies and one foreign company in MOGSS. We are reviewing membership requests from five other foreign companies,” said U Aung Ye Soe, secretary general of MOGSS.

MOGSS will promote responsible and modern business practices and support the entry of young engineers with industry knowledge into the business, he said.

source: The Myanmar Times
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