Is Some Shine Wearing Off Myanmar's Investment Climate?

摘要

Myanmar has signed six production sharing contracts (PSCs) for onshore blocks since the beginning of August - two each with newcomer Eni and India's Oil and Natural Gas Corp., one with new entrant Russia's Bashneft, and one with longstanding investor PTT Exploration and Production (PTTEP) - putting the country back into the headlines just months after it awarded 20 blocks in its first offshore bidding round (EIF Apr.2' 14). More onshore PSCs should follow, but the much-touted announcements fail to hide that it has taken Myanmar some 10 months between announcing onshore awards and signing contracts - a relatively long period that serves as a reminder that while Myanmar has opened its doors to foreign investment, energy investors will have to be patient (EIF Oct. 16'13). Whether their patience will pay off is an open question as investment conditions appear to deteriorate on some fronts, potentially threatening project returns in the future.