Statoil and ConocoPhillips have signed new deepwater exploration contracts in Myanmar.

Statoil, ConocoPhillips sign Myanmar contracts

Myanmar

NAYPYIDAW, May 4, 2015 – Norwegian exploration and production company Statoil and US-headquartered ConocoPhillips have signed contracts to invest a total of $323 million in exploring deepwater areas offshore Myanmar, according to the Reuters news agency.

The companies’ local subsidiaries, Statoil Myanmar Private and ConocoPhillips Myanmar E&P, signed contracts for oil and gas exploration at block AD-10 last week, Reuters reported on Sunday, citing a local newspaper. The block is located off the western coast of Myanmar’s state of Rakhine.

The contracts are for an eight-year period and include provisions for environmental impact studies. Other details have not been released, but the two companies planned to each take 50-percent stakes in the licence, with Statoil holding the operatorship, when the licence was awarded to them in March 2014.

Other companies awarded acreage in the 2014 licensing round included Shell and Total.

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