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Canadian firm to explore oil, gas in Myanmar's offshore areas

Xinhua, April 10, 2015 Adjust font size:

A joint venture of Canadian Foresight Group (CFG), Perth-based Transcontinental Resource Group (TRG) and Myanmar's KMA Group will explore a large gas field in the Andaman Sea, official media reported on Friday.

The block M-15, covering an area of 13,480 square-km, is located in Taninthayi Offshore basin which is off Myanmar's southern Taninthayi coast, said the Global New Light of Myanmar.

The exploration work is expected to commerce in September this year.

Myanmar has abundance of natural gas resources especially in the offshore areas.

Foreign oil companies, engaged in oil and gas exploration and production in Myanmar, are from Canada, China, Indonesia, South Korea, Malaysia, Russia, Singapore, Thailand and Vietnam.

Foreign investment in Myanmar's oil and gas sector amounted to 16.992 billion U.S. dollars as of the end of 2014, accounting for 32.16 percent of the total and ranking the second largest sector in the country's foreign investment line-up after electric power, statistics show. Endi