Singapore-Japan companies in joint venture to explore oil & gas in Myanmar

Singapore-Japan companies in joint venture to explore oil & gas in Myanmar

May 5, 2011

Singapore-Japan companies in joint venture to explore oil & gas in Myanmar 18/04/2011
2 Singapore companies – Silver Wave Energy Pte Ltd and BFI Holding Pte Ltd have come together with 2 Japanese companies – Star Field Corporation and Star Holding Corporation to form a joint venture company – Silver Wave Exploration & Production Pte Ltd. Silver Wave Exploration & Production Pte Ltd has acquired all licence rights for exploration and production oil-prospecting acquisitions at Block B (B 2) in northern Myanmar from the state-owned Myanma Oil and Gas Enterprise, or MOGE, signed with Silver Wave Energy Pte Ltd. The block is located in the Hukaung Valley in Kachin State, northwest of Myanmar on the border with India. It consists of about 19000 km2 and crossesthree geological provinces – Chindwin Basin, Wuntho Massif and Shwebo Basin. Myanmar has 19 onshore and 3 major offshore oil and gas fields and the initial seismic surveys of the block indicate that there could be 90 TCF of gas reserves and 3.2 billion barrels of recoverable crude oil reserves. Silver Wave Exploration & Production Pte Ltd will commence drilling operations in Block B (B 2) within this year at an estimated cost of US$ 100 million. The oil and gas exploration project in Myanmar will be the first of many such projects by Silver Wave Exploration and Production Pte Ltd. It is currently expanding and looking into other similar opportunities in Sudan, Guinea-Conakry, Indonesia and Iraq.