Eni, following its participation in the competitive International Bid Round launched by the Republic of the Union of Myanmar, signed in Nay Pyi Taw in presence of the Countryâ€™s Energy Ministry, two Production Sharing Contracts (PSC) for RSF-5 and PSC-K onshore blocks.
The Joint Venture is between Eni, the Operator with a 90% participating interest through Eni Myanmar B.V, and the Myanmar Production and Exploration Company Ltd (10%).
Blocks RSF-5 covers an area of 1.292 sqkm in the prolific Salin Basin about 500 km north of Yangon, while block PSC-K covers an area of 6.558 sqkm in the unexplored Pegu Yoma-Sittaung Basin, in the central part of Myanmar.
The exploration period will last 6 years, subdivided in 3 phases.
This agreement marks Eniâ€™s first entry into Myanmar, a rapid expanding economy, and confirms its strategy to reinforce its presence in the South East Asia region, where Eni is already present in China, Vietnam, Indonesia and Timor Leste.