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BMI View: The Myanmar upstream segment remains a potential high-risk, high-reward play, with a host of
IOCs engaged in various exploration and production plays in the country's oil and gas blocks. The
country's attractive economic growth outlook and fuels demand growth forecasts have already attracted
significant interest from international firms - such as Indian Oil and Pertamina, which have
announced intention to establish a foothold in the country's downstream sector. Rising demand and export
obligations will pressure domestic gas supplies, rendering the country to turn to LNG imports in the latter
half of the decade.
Latest Updates And Key Forecasts
? Despite low oil prices, Myanmar's exploration profile remains favourable, with nine production sharing
contracts (PSCs) signed with international oil companies (IOCs) in 2015 alone and a further 11 3D
seismic survey campaigns sanctioned in end-2015.
? Myanmar exports about 80.0% of its gas production as the previous junta government over-contracted its
gas to overseas buyers. This will require the country to resort to LNG imports to meet export obligations
and offset rising domestic demand.
? The successful and timely construction of an LNG import terminal at the Dawei SEZ project remains
critical to avert a potential gas shortfall in Myanmar. We anticipate the terminal to be operational by
? The government remains highly open to attracting greater foreign capital into its oil and gas sector.
Tenders to form a refined fuels import and distribution joint-venture with Myanma Petroleum Products
Enterprise (MPPE) has attracted interest from the likes of Indian Oil Corporation.