Myanmar bars new oil, gas investors

Myanmar bars new oil, gas investors

YANGON: Myanmar's military government has barred foreign firms from onshore oil and gas exploration and production, opting to reserve the operations for state enterprises, the Myanmar Times reported on Monday.

The report did not say whether existing contracts with foreign firms would be terminated.

The energy ministry has sent letters to foreign firms that are seeking exploration and production rights for onshore blocks, explaining that the blocks would be reserved for its Myanma Oil and Gas Enterprise, the semi-official weekly newspaper cited ministry official Soe Aung as saying. --AFP