A Production Sharing Agreement (PSA) was signed on May 29 to explore, extract, produce and utilize oil and gas in the Mottama Offshore Block (M-10) (Min Ye Thu Project). The Mottama Offshore Block (M-10) Min Ye Thu Project was signed between the Myanmar Oil and Gas Enterprise of the Ministry of Energy and Gulf Petroleum Myanmar Company, a Thai-owned company based in Myanmar.
Union Minister for Energy U Ko Ko Lwin urged to make efforts to start producing natural gas by 2028 as the project’s goal. The signing of the agreement will strengthen investment in oil and gas exploration, extraction and production and generate more foreign income. In addition, it will meet domestic oil and gas demand on the one hand and create local job opportunities, the Union Minister said. So far, there are a total of 6 offshore projects, including four major offshore projects in oil and gas exploration, extraction and production: Yadana, Yeta Khun, Zaw Tika and Shwe, and two more that are under exploration, extraction and production.
The Min Ye Thu project is the 7th major offshore project and the first to be implemented under the State Administration Council, according to the Ministry of Energy. On the other hand, the Electricity and Energy Development Commission said that it is trying to use technologies such as AI, Water Flooding and Hydraulic Fracturing in addition to the usual methods to increase oil and gas production from currently producing oil fields.
