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Business & Finance

Russia's Rosneft plans oil exploration well in Myanmar in 2021

  • Rosneft's report said it would drill an exploration well in Myanmar, which has been rocked by protests since a military coup in February, at block EP-4, which the Russian oil firm inherited after it bought Bashneft in 2014.
  • Bashneft was one of several foreign companies awarded Production Sharing Contracts by Myanmar's government for 16 onshore energy blocks.
Published April 30, 2021
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MOSCOW: Rosneft plans to drill an oil exploration well in Myanmar this year, the Russian oil giant said in its annual report published on Friday.

Rosneft's report said it would drill an exploration well in Myanmar, which has been rocked by protests since a military coup in February, at block EP-4, which the Russian oil firm inherited after it bought Bashneft in 2014.

Bashneft partnered with Sun Apex Holding Limited, a local company, in 2013. The two companies had initially planned to invest $38.3 million in a three-year exploration of the block, which has an area of 841 square kilometres.

Bashneft was one of several foreign companies awarded Production Sharing Contracts by Myanmar's government for 16 onshore energy blocks.

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Russia's Rosneft plans oil exploration well in Myanmar in 2021

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