Oil and gas exploration and production in Myanmar

Myanmar is one of the world’s oldest oil producers; exporting its first barrel of crude in 1853. Despite this, its upstream sector is still in its infancy. This is due to a number of factors: sanctions, opaque regulatory policy and insufficient investment have all hindered Myanmar’s efforts to realise its oil and gas potential. Since the lifting of sanctions by the US and European Union in 2012, Myanmar has taken active steps to reform its foreign investment laws and has held a number of successful international bid rounds for onshore and offshore oil and gas blocks. Web archived content of http://www.nortonrosefulbright.com/knowledge/publications/133109/oil-and-gas-exploration-and-production-in-myanmar