(MENAFN) An Australian firm has signed a production sharing contract with Burma to explore gas in the Mottama offshore area, thus USD110.7 million will be spent in two years' observation period in the area.
Seven companies from Britain, Australia, Japan, Italy and India had also signed production sharing contracts with Burma to explore oil and gas at different coasts, but exploration will not begin until an environmental impact assessment is done.
Foreign investment in Burma's oil and gas sector totaled to USD19.6 billion as of the end of May, representing 35 percent of the country's overall foreign investment line-up.
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