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CPC to explore onshore field in Myanmar

CPC to explore onshore field in Myanmar

CPC and PRC-based Sinopec International Petroleum Exploration and Production Corporation (SIPC) signed the “Myanmar Onshore Block-D Transfer Agreement” on April 24, 2013 whereby CPC buys 30% of the exploration and production rights of Block-D from SIPC in order to expand its existing petroleum resources and maintain supply to its refineries. The Agreement signifies yet another success for CPC in collaborating with international petroleum enterprises.
Myanmar’s natural gas deposits rank as the world’s 10th largest. A CPC spokesperson said that it has at least four fields each with reserves of 9 trillion cubic feet of gas (approximately 254 billion cubic meters). Block-D is located in Myanmar’s central valley; three of the six test wells have discovered petroleum. Due to Myanmar’s strategic location, there has been high demand for participation in its petroleum exploration program from oil companies in Indonesia, England, France, Thailand, South Korea, India and China. Obtaining exploration & production rights to Block-D allows CPC to get a head start in Myanmar’s petroleum exploration program.
It took more than a year, proceeding from technology evaluation through to negotiation, to conclude the purchase/transfer agreement. CPC continues to pursue both domestic and international petroleum exploration opportunities that will provide high-quality and efficient energy solutions.