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332 Landslide

332 Landslide

January 18, 2008

Firms seek access to Myanmar oil fields

By THOMAS HOGUE, AP Business Writer

Sat Sep 29, 5:19 AM ET

BANGKOK, Thailand - Just last Sunday — when marches led by Buddhist monks drew thousands in Myanmar's biggest cities — Indian Oil Minister Murli Deora was in the country's capital for the signing of oil and gas exploration contracts between state-controlled ONGC Videsh Ltd. and Myanmar's military rulers.
'Altogether, nine foreign oil companies are involved in 16 onshore blocks exploring for oil, enhancing recovery from older fields, or trying to reactivate fields where production has been suspended, according to Total's Web site. A block is an area onshore or offshore in which an oil company is granted exploratory and discovery rights.
Offshore, nine companies, including Total, Petronas, PTTEP, South Korea's Daewoo International Corp., Chinese state-run companies China National Offshore Oil Corp., or CNOOC, and China Petroleum & Chemical Corp., or Sinopec, are exploring or developing 29 blocks, Total said.
Despite economic sanctions against Myanmar by the United States and the European Union, Total continues to operate the Yadana gas field, and Chevron Corp. has a 28 percent stake through its takeover of Unocal. Existing investments were exempt from the investment ban.
Both Total and Chevron broadly defended their business in the nation.'

Can anyone say "East Timor"?

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Saturday September 29, 2007 - 09:38am (PDT)

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