Myanmar's local firms are seeking joint operation with foreign counterparts in oil and gas exploration and production on mutually beneficial basis for the development of the energy sector.
A total of 154 local firms have bid with the Ministry of Energy for the move in 18 more inland blocks and 30 more offshore blocks in the country, looking to joint venture with international companies.
Among them are giant companies like Eden Group Co.,Ltd, Shwe Taung Development Co.,Ltd, and Parami Energy Development Co.,Ltd.
Tender winners are to be allowed to operate with foreign oil and gas companies.
Foreign oil companies, including those from the United States, Britain, India and Australia, are also tendering for engagement in oil and gas exploration and production in Myanmar's offshore areas.
It is expected that tender winners will be announced in November after feasibility studies complete.
According to official figures, there are 53 onshore and 48 offshore blocks being operated with foreign investment.
In July this year, the PTTEP of Thailand, in joint venture with Myanmar's state-run Oil and Gas Enterprise, found new natural gas deposit from three test wells at M-3 Mottama offshore block, namely Aung Thinkha-4, 5 and 6, which were drilled in February and May 2013.
The three test wells were respectively yielding 4.38 million cubic feet and 20 barrels of condensate, 5 million cubic feet and 30 barrels of condensate and, 14.34 million cubic feet and 2,000 barrels of condensate per day.
According to the state-run Myanmar Oil and Gas Enterprise, about 300 new test wells have been set for drilling in the next five years for oil and gas exploration.
Meanwhile, natural gas from Myanmar's Shwe Field started delivery to China as of July 28 this year after gas pipeline was laid.
At present, there are mainly three offshore natural gas projects in Myanmar -- Yadana, Yetagun and Shwe, of which Yadana is the largest, yielding gas of 834 million cubic feet (23.6 million cubic meters) per day.
Myanmar has abundance of natural gas resources, especially in the offshore areas. With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18.012 trillion cubic feet (TCF) out of 89.722 TCF's estimated reserve of offshore and onshore gas, experts said.
The country is also estimated to have 3.2 billion barrels of recoverable crude oil reserve, official statistics indicate.
Foreign oil companies, engaged in oil and gas exploration and production in Myanmar, comprise those from Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia, Russia, Singapore, Thailand and Vietnam.
Foreign investment in Myanmar's oil and gas sector reached 14. 372 billion U.S. dollars in 115 projects as of the end of July this year, accounting for 33.46 percent and standing the second in the country's foreign investment sectorally after electric power.