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Myanmar gas export revenue up

Viet Nam,Business/Economy,Indo-Pak/Pakistan, Thu, 26 Apr 2012 IANS

Yangon, April 26 (IANS) Revenue from Myanmar's natural gas exports rose by $640 million to $3.5 billion in the fiscal year 2011-12.


Natural gas from Yetagun and Yadana gas blocks mainly accounted for the earnings. Gas from Shwe and Zawtika blocks will be exported in 2013, Mizzima News reported Wednesday.


In the 2009-10 fiscal year, the country earned $2.9 billion from gas exports.


Foreign investments in oil and gas sectors reached nearly $14 billion by the end of November 2011, accounting for 34 percent and ranking second in the country's foreign investment sectors after electric, mostly destined for China.


The energy ministry has allowed seven state-run companies to do joint ventures with international oil firms. Currently, companies from India, Indonesia, Thailand, France, Malaysia, Russia and China are doing business in the country.


Myanmar is estimated to have 3.2 billion barrels of recoverable crude oil reserve.


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