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Chevron inks Myanmar offshore exploration contract with MOGE

25th March 2015

Chevron Corporation announced today that its subsidiary, Unocal Myanmar Offshore Co., Ltd., has entered into a Production Sharing Contract (PSC) with Myanma Oil & Gas Enterprise (MOGE), the national oil and gas company of Myanmar, to explore for oil and gas in the Rakhine Basin

In addition to Block A5, Chevron has a 28.3 per cent non-operated interest in a PSC for the production of natural gas from the Yadana and Sein fields, within Blocks M5 and M6, in the Andaman Sea.

The new PSC area, Block A5, lies 200 kilometres offshore northwest of Yangon, and covers more than 10,600 square kilometres.  Unocal Myanmar Offshore Co., Ltd. will be the operator of the block with a 99 per cent interest.

"Chevron is committed to exploring Myanmar's energy potential," said Brad Middleton, managing director, Chevron Asia South Business Unit. "The exploration of this block is aligned with Chevron's long-term strategy to find and develop resources that will help meet the growing energy needs in the Asia Pacific region.”

Royal Marine Engineering Co., Ltd. (RME), a Myanmar company, will hold the remaining interest in the block.

"We are pleased to have reached this milestone," said Scott Neal, President of Unocal Myanmar Offshore Co., Ltd. "This agreement expands our partnership with MOGE and Myanmar. We have a 20-year history in Myanmar and we look forward to supporting the continued development of the nation's energy sector through our exploration programme."

In addition to Block A5, Chevron has a 28.3 per cent non-operated interest in a PSC for the production of natural gas from the Yadana and Sein fields, within Blocks M5 and M6, in the Andaman Sea.

The company also has a 28.3 per cent non-operated interest in a pipeline company that transports most of the natural gas to the Myanmar-Thailand boarder for delivery to power plants in Thailand.

The remaining volumes are dedicated to the Myanmar market.

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