Yangon, July 29 (IANS) More and more foreign investors including those from India, Britain and the US are eyeing Myanmar's offshore oil and gas exploration and production, the official media reported Monday.
According to the state-run Myanmar Oil and Gas Enterprise, about 300 new test wells have been set for drilling in the next five years for oil and gas exploration, reports Xinhua.
Myanmar has abundant natural gas resources especially in offshore areas.
With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18.012 trillion cubic feet (TCF) out of 89.722 TCF's estimated reserve of offshore and onshore gas.
The country is also estimated to have 3.2 billion barrels of recoverable crude oil reserve, official statistics indicate.
Foreign oil companies in Myanmar are from Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia, Russia, Singapore, Thailand and Vietnam.
Foreign investment in Myanmar's oil and gas sector reached $14.372 billion in 115 projects at the end of February, accounting for 34.14 percent of the country's foreign investment.