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Shoring up Myanmar's oil and gas industry capabilities

29th September 2015

With 45 per cent of more than USD8 billion in Foreign Direct Investment (FDI) received in 2014 pumped into Myanmar's oil and gas sector, the oil & gas (O&G) industry continues on a path of growth and development.

Myanmar's oil and gas industry
Myanmar's oil and gas industry

U Kyaw Kyaw Hlaing, Chairman of the Myanmar Oil and Gas Services Society (MOGSS) and Oil & Gas Myanmar 2015 conference speaker thinks that the future of the sector looks bright, even though the O&G industry in Myanmar is 'catching its breath in 2015'.

According to statistics from the World Bank and Asian Development Bank, Myanmar saw 8.5 per cent growth in its GDP in 2014, and is forecast at 8.3 per cent this year. In a report[2], Myanmar's GDP is expected to rise to US$200 billion by 2030.

Demand for oil and gas will spike in tandem with economic growth; it is estimated that, by 2030 Myanmar's gas-fired power stations will need to produce 4,247 megawatts. Crude oil requirements will reach 320,000 barrels/day and gas - 1,800 million standard cubic feet/day.

Speaking at a press conference U Kyaw Kyaw Hlaing is upbeat on growth prospects in the sector: "The oil and gas sector in Myanmar is still in early growth stages. With the winners of the 2014 tenders such as BG, Petro Brunei, PTT Exploration and Production (PTTEP) and Shell most likely to kick start their seismic surveys in the near future, local companies need to level up capabilities in several areas such as technical, operations and human resource. I hope through the Oil & Gas Myanmar exhibition and conference, local industry professionals will have the opportunity to empower their future in the sector."

Following the success of the inaugural edition of Oil & Gas Myanmar in 2014, where more than 2,300 trade attendees, comprising special guests, conference delegates, visitors and members of the press visited the event, Oil & Gas Myanmar will return from 15 to 17 October 2015 at the Myanmar Event Park.

Featuring technologies, services and solutions ranging from exploration to production, Oil & Gas Myanmar 2015 is the sourcing platform and knowledge base for industry professionals. Over 45 exhibitors in areas ranging from Exploration and Development to Engineering Design and Construction from 15 countries and regions such as Australia, China, Germany, Indonesia, Malaysia, Russia, Singapore, Thailand, USA and the United Kingdom will be showcasing not only best-of-breed technologies, but also technologies that will be shown for the first time in Myanmar.

One such exhibitor is Singapore's Calm Oceans, a subsidiary of Blue Capital. The company will feature the Mono Column Platform (MCP) design, an ABS class self-elevating high payload jack-up platform capable of operating in water depths up to 500 feet. This self-installing and relocatable jack-up rig was specially designed to cater to the industry's need for a cost-effective solution. The MCP is versatile and can be constructed quickly, taking between eight to 14 months to complete.

"Myanmar's oil and gas sector will continue to grow and we see the opportunity to introduce a cost-effective solution for local oil and oil services companies to commercialise oil and gas assets in the current oil price environment. Through Oil & Gas Myanmar, we will be connecting with international and local companies to extend our network in the country," says Mr. Issac Lai of Blue Capital.

 

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