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Mercator announced that its subsidiary, Mercator Petroleum in consortium with Oil India, OilMax Energy and Oil Star Management Service Co., has entered into the Production Sharing Contract (PSC) with Myanma Oil & Gas Enterprise (National Oil Company of Myanmar) for Block "M-4" (Moattama Offshore Area) and Block "YEB" (Tanintharyi Offshore Area) offshore Myanmar. Both the blocks are in shallow waters with a vast area wherein Block M-4 covers approx. 10380 KMs and Block YEB covers approx. 21297 KMs.
Oil India (a Govt. of India undertaking) is the designated operator of both these blocks. Mercator Petroleum has 25% participating interest in both the blocks.
Myanmar is the second largest nation in South-East Asia with huge unexplored and untapped hydrocarbon basins with a large captive market. Myanmar offshore falls in the emerging petroleum provinces in the Bay of Bengal. Mercator Petroleum in consortium with Oil India Ltd, OilMax Energy Private and Oil Star Management Service Co. , participated in recently concluded bidding round of several offshore blocks in Myanmar which saw a huge interest from energy giants such as BG, Total, Shell, ENI, Chevron, Statoil, ConocoPhillips ONGC, Reliance etc.
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