Eni signs two PSCs in Myanmar

Myanmar

NAYPYIDAW, April 1, 2015 – Italian exploration and production company Eni has signed two production-sharing contracts for offshore blocks in Myanmar, the company announced on Tuesday.
Blocks MD-02 and MD-04 will be held by a joint venture between Eni, which holds an operating stake of 80 percent, and state-owned PetroVietnam, which controls the remaining 20 percent.
The agreement follows Eni’s successful entry in Myanmar’s 2013 international bidding round.
Block MD-02, located in the Rakhine Basin in the southern Bay of Bengal, stretches across 10,330 square kilometres at water depths of 500-2,400 metres. Block MD-04 lies in the Moattama-South Andaman basin and covers 5,900 square kilometres at depths of 1,500-2,200 metres.
The new production-sharing contracts include a study period of two years, followed by a six-year exploration period divided into three phases.
Eni entered Myanmar in July 2014 with two production-sharing contracts for onshore blocks RSF-5 and PSC-K.