STATE oil company Petroleum Brunei (PB) will bid for oil exploration
contracts in Myanmar, said the Energy Minister, as Myanmar's President Thein
Sein concluded his three-day visit to the Sultanate yesterday.
The move could mark the first
foray for Brunei businesses into Myanmar, which has seen unprecedented interest
from foreign investors since the suspension of economic sanctions earlier this
year.
"It's an opportunity for us
to develop joint cooperation in a lot of upstream activities," Yang
Berhormat Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj
Mohammad Yasmin Hj Umar told The Brunei Times.
"They will be bidding for
the offshore and onshore concessions. It's one of the ways for people in Brunei
to venture outside Brunei and do some work there." Last month a delegation
from PB made initial contact with business interests in Myanmar and is
exploring the possibility of ventures in both upstream and downstream
activities, said the minister.
Brunei Shell Petroleum (BSP) and
Brunei LNG have also expressed keen interest in gaining a foothold in Myanmar.
Both companies along with Brunei Methanol Company (BMC) gave corporate
presentations to President Thein Sein during his visit to Belait yesterday.
"Shell is interested in
participating in Myanmar," said BSP Managing Director Ken Marnoch.
"Petroleum Brunei will have its own ambitions but if their ambitions
coincide with Shell's we'd be very happy to work with Petroleum Brunei."
With competition for energy contracts in Myanmar heating up, Shell is eager to
re-establish its presence there after a 20 year absence, with a focus on
deepwater concessions in the Bay of Bengal. "We used to have a position in
Myanmar about 20 years ago but through circumstances we had to relinquish
(it)," said Michiel Kool, an executive vice-president of Asia Upstream
International at Shell Eastern Petroleum. "But now with the political
system changing we have made several visits, along with many other companies;
we are interested in participating in future licensing rounds."
QURATUL-AIN BANDIAL
The Brunei Times
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