Agreement signed for systematic oil drilling and production

An agreement on the implementation of systematic oil drilling and production was signed between the Myanma Oil and Gas Enterprise and Myanmar national-owned companies, according to the Ministry of Electricity and Energy. The signing ceremony for the agreement was held on June 30 at the Ministry of Electricity and Energy in Nay Pyi Taw. Minister of Electricity and Energy U Ko Ko Lwin stated that previously permitted manual oil drilling operations have been suspended, and companies that have submitted proposals for systematic oil drilling and production will be systematically screened and granted business permits. This initiative aims to extract and utilize the country's oil resources with minimal loss and long-term benefit, to meet domestic oil demand, and to encourage domestic entrepreneurs to invest their own capital in production businesses. He added that the crude oil produced will be systematically refined and sent to state-owned refineries for processing, thereby contributing to meeting the country's energy needs. The Minister emphasized that the companies signing the agreement must systematically drill and produce oil wells that benefit the nation and its people. They are also required to undertake development projects that contribute to the employment opportunities of local residents and the development of the regions where they operate. Furthermore, through systematic drilling and production, they are expected to develop into oil entrepreneurs capable of competing internationally. Following this, the Managing Director of the Myanma Oil and Gas Enterprise explained the rules and regulations to be followed during the operations, and the agreement on business implementation was signed with the companies undertaking the work, and the agreements were exchanged.