The Myanma Oil and Gas Enterprise of the Ministry of Energy signed production-sharing contracts with HNA Myanmar Oil & Gas Ltd for onshore block IOR-4 (Pyay) area-1 and IOR-6 (Myanaung) area-3 and with Future Engineering & Gold Mining Co Ltd for IOR-7 (Shwepyitha) area-2 in Nay Pyi Taw yesterday.

Speaking at the event, Union Minister U Ko Ko Lwin said the energy sector plays a key role in the economic development of the country. Four objectives of the National Defence and Security Council include “to ensure sustainable development of the agriculture sector, which plays a vital role in the national economy, and the continual growth of socioeconomic life of the people will be achieved through the development of Agro-based Industries.
The Union minister highlighted the efforts of the ministry to ensure access to electricity for promoting fertilizer and industrial sectors, as agriculture depends on the exploration of oil and natural gas, and the ministry cooperates with ethnic business people for 10 blocks with production sharing contracts. The block permitted in October 2024 now produces natural gas, which is being used for electricity in that area.

The Pyay oil field, Myanaung oil field and Shwepyitha oil field are located in the Pyay basin, possessing large potential. If the exploration, assessment, and drilling activities can be carried out using modern technologies and advanced machinery, they will be of significant benefit to the nation.

This image shows officials from HNA Myanmar Oil & Gas Ltd and Future Engineering & Gold Mining Co Ltd expressing gratitude.

MNA/KTZH

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