Published On: Thu, Jan 12th, 2012

Jubilant Energy to invest in Myanmar oil and gas block

Thursday, 12 Jan 2012

London listed explorer Jubilant Energy expects to initially invest USD 70 million to USD 80 million on an onshore oil and gas block in Myanmar.

Last week, Myanmar awarded 10 onshore oil and gas blocks in its biggest energy tender in years. The blocks were awarded mostly to Asian companies, including Malaysia’s Petronas , Thailand’s PTT Exploration and Production and Jubilant.

Mr Vipul Agarwal CFO of Jubliant Energy told Reuters that “We had bid for two blocks. They have offered us one, but we are keen for both. We are still negotiating.”

He said that the production sharing contract for the block will likely be signed in two to three weeks.

(Sourced from Reuters)

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