Myanmar is seeking the entry of international support services into the local oil and gas sector and will host an oil and gas-related exhibition in Yangon in mid- October, exhibition sources said today.
Some 130 exhibitors from 22 countries and regions will participate in the first Oil and Gas Myanmar exhibition.
Myanmar will see an influx of foreign companies following the release of its oil and gas resources to the international market with many international firms looking for local agents and partners and setting up operation in Myanmar, said a Singaporean exhibitor.
Myanmar Oil and Gas Service Society, representing local oil and gas companies, said the industry is certainly headed down a path of rapid growth and will need a healthy pool of support services and suppliers to thrive and prosper.
According to the sources, more than 15 new oil and gas companies have been allowed to invest in onshore blocks in Myanmar since July with production sharing contracts already signed with the government.
Myanmar announced in March winners for 20 out of 30 offshore blocks available after an auction was launched in April 2013.
According to official statistics, total foreign investment in Myanmar’s oil and gas sector amounted to US$14.37bn as of June, or 30.76% of the total foreign investment, which is the second largest in Myanmar’s foreign investment line-up after electric power.