Myanmar awards Oil & Gas contracts

expat network

Myanmar awards Oil & Gas contracts

Myanmar has awarded contracts to two international oil companies, Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily said earlier this week.

The newspaper said the two companies’ regional subsidiaries – Singapore-registered Statoil Myanmar Private Ltd and ConocoPhillips Myanmar E&P Pte. Ltd. – agreed to invest $323 million in oil and gas exploration in Deepsea Block AD.10, off Myanmar’s western Rakhine coast.

Under the contracts, signed last week, production sharing agreements would span eight years. The companies will have to undertake environmental impact studies first, the newspaper said.

Last year they awarded exploration rights to the two companies, as well as to Royal Dutch Shell and Total , for 10 shallow-water blocks and 10 deepwater blocks.

During the fiscal year that ended in March, Myanmar attracted foreign direct investment totalling $8 billion, of which more than 35 percent was generated by the energy sector, according data released by Myanmar Investment Commission.

Myanmar has targeted raising $6 billion through FDI during the current fiscal year.

Source: Reuters

More info: http://tinyurl.com/kzlmbnr

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.