Yangon, January 6th, 2011 - Sinopec International Petroleum has discovered proven reserves of 909 billion cubic feet of gas and 7.16 million barrels of condensate in central Myanmar, state media reported on Thursday.
The international trading arm of China Petroleum & Chemical Corp (Sinopec) , made the find in the Pahtolon oilfield after extensive testing and planned to carry out more in the future, official newspapers in Myanmar said.
Myanmar has been exploring oil and gas in 49 onshore sites and 26 offshore blocks in Rakhine, Tanintharyi and Mon states after entering joint ventures with foreign companies since 1988.
The discovery was made by SIPC Myanmar Petroleum Co. Ltd, a joint venture between state-owned Myanma Oil and Gas Enterprise and Sinopec , which has been exploring oil and gas in the former Burma since 2004.
China is Myanmar's biggest economic and political ally and has taken advantage of Western sanctions to pour money into its resource-rich neighbour, which it sees as vital for its fast-growing energy needs. Sinopec, Asia's top refiner, has forecast China's oil demand to grow 5-6 percent over the next five years as its economy is seen expanding by 10 percent annually. - Reuters
The international trading arm of China Petroleum & Chemical Corp (Sinopec) , made the find in the Pahtolon oilfield after extensive testing and planned to carry out more in the future, official newspapers in Myanmar said.
Myanmar has been exploring oil and gas in 49 onshore sites and 26 offshore blocks in Rakhine, Tanintharyi and Mon states after entering joint ventures with foreign companies since 1988.
The discovery was made by SIPC Myanmar Petroleum Co. Ltd, a joint venture between state-owned Myanma Oil and Gas Enterprise and Sinopec , which has been exploring oil and gas in the former Burma since 2004.
China is Myanmar's biggest economic and political ally and has taken advantage of Western sanctions to pour money into its resource-rich neighbour, which it sees as vital for its fast-growing energy needs. Sinopec, Asia's top refiner, has forecast China's oil demand to grow 5-6 percent over the next five years as its economy is seen expanding by 10 percent annually. - Reuters
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