For the first time since 2004, both the price Brent Crude and US crude have fallen below $30 a barrel. Many oil and gas production centres are floundering amidst the current crisis, yet one South East Asian nation is experiencing record growth in its energy sector.
Over the past 24 months, significant foreign direct investment (FDI) has poured into Myanmar. During the 2014/2015 financial year, over $8bn was injected into the country by international investors – 35% of the total went into Myanmar’s rapidly expanding energy sector.
Major international oil and gas companies, such as Eni, Chevron, Statoil, Shell and Total have already initiated the search for hydrocarbons in the country. The latter company has witnessed recent success in the form of a sizable natural gas well, discovered in one of the 50+ offshore blocks that are currently being explored. It is estimated that Myanmar has over 10 trillion cubic feet of proven natural gas reserves, and oil reserves of approximately 50 million barrels.
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