A large off-shore natural gas reserve was discovered by MPRL E&P Pte Ltd., Myanmar’s Oil and Gas Exploration and Production Company.
The reserve is located about 48 kilometres off the coast of Ngwesaung, Ayeyarwaddy region, southwest Myanmar at a depth of 2 kilometres below the water surface.
MPRL E&P Pte, the only independent energy company led by Myanmar nationals, began the drilling in November 2015.
The firm exploits natural gas at wells in Yadana, Shwe, Yetagun and Zawtika and its biggest buyers are China and Thailand.
By September 2015, Myanmar, a natural gas-rich country, has received more than US$19.6 billion in foreign direct investment (FDI) in oil and gas exploitation, about 34.16% of its total FDI.
Last year, several firms from the United Kingdom, Australia, Japan, Italy and India inked deals with Myanmar for joint exploitation of oil and gas fields off the coasts of Rakhine, Tanintharyi, and Mottama in the country.