11:04 | 18/06/2015 Global Economy
Myanmar and Thailand have reached a memorandum of understanding (MoU) on further cooperation in energy and electric power.
The MoU on the cooperation, signed by respective ministers of energy and electric power of the two countries, will speed up the 26-year Myanmar-Thai oil and natural gas cooperation agreement and benefit energy sufficiency of both countries, development of infrastructure, cross-border energy sector and human resources development, it said.
The MoU also covers cooperation in import and distribution of liquefied natural gas and will ensure a greater level of supply, the report added.
According to the Ministry of Commerce, Myanmar's oil and natural gas export earned over 4.6 billion US dollars in the fiscal year 2014-15, standing the highest sectorally in the year.
The gas, produced from the Yadana, Shwe, Yetagun and Zawtika gas fields, were mainly exported to Thailand and China.
In the first four months of this year, eight companies from Britain, Australia, Canada, Japan, Italy and India respectively signed production sharing contracts with Myanmar to explore oil and gas at blocks off Rakhine coast, Taninthayi coast and Mottama - South Andaman basin.
Myanmar has abundance of natural gas resources especially in its offshore areas.
Foreign investment in Myanmar's oil and gas sector amounted to 19.641 billion US dollars as of end of May 2015, accounting for 34.74 percent of the total and topping the country's foreign investment line-up sectorally, latest statistics show./.