Eni inks PSCs for two onshore blocks in Myanmar
MILAN, Italy -- Eni, following its participation in the competitive International Bid Round launched by the Republic of the Union of Myanmar, signed in Nay Pyi Taw in presence of the country’s Energy Ministry, two Production Sharing Contracts (PSC) for RSF-5 and PSC-K onshore blocks.
The JV is between Eni, the operator with a 90% participating interest through Eni Myanmar B.V, and the Myanmar Production and Exploration Company Ltd (10%).
Block RSF-5 covers an area of 1.292 sq km in the prolific Salin basin about 500 km north of Yangon, while block PSC-K covers an area of 6.558 sq km in the unexplored Pegu Yoma-Sittaung basin, in the central part of Myanmar.
The exploration period will last 6 years, subdivided in 3 phases.
This agreement marks Eni’s first entry into Myanmar.