Lax PSC Terms Confrm Slow Exploration View

摘要

Ten production sharing contracts (PSC) were signed in Myanmar over March 2015, for blocks offered in the 2013 offshore licensing round. This furry of new PSCs now leave only four PSCs left to sign out of the original 20 awarded in March 2014. This wave of PSC signing comes after months of silence by several of the international oil companies (IOCs) on their plans for Myanmar, despite the tenders having been awarded in March 2014. We highlighted that the downturn in oil prices would slow exploration in Myanmar: the frontier nature of these blocks, limited infrastructure, limited oilfeld services and short-term uncertainty on Asia's longer-term gas import needs will reduce the allure of near- term exploration in Myanmar (see 'Oil Price To Hit Exploration In The Short-Term', February 9).