Myanmar Oil & Gas Industry
- Myanmar is one of the oldest oil producers. It exported its first barrel of oil in 1853.
- The Rangoon Oil Company was the first IOC to drill in the country.
- Between 1886 and 1963, the country´s oil industry was dominated by Burmah Oil Company.
- Ychaugyaung oil field was discovered in 1887 and the Chauk field in 1902; both are still in production.
The Myanmar potential
Myanmar has 17 different sedimentary basins onshore and offshore, and according to the USGS, Myanmar has considerable hydrocarbon potential.
- Power generation accounts for 58% of gas usage
- Private businesses have to rely on self-generation using imported liquids fuels
- Domestic demand will keep growing as pipeline infrastructure becomes more wide spread
- MOGE estimates that by the end of the decade domestic demand will reach 900 million cubic feet per day
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