IOCs To Embrace Mandalay's Opportunities

BMI View: Myanmar will most likely see a fierce contest for the 23 offshore blocks it is offering to foreign investors. The prospectivity of the Bay of Bengal and Andaman Sea blocks, in conjunction with the relaxation of Western sanctions against the Myanmar regime, will increase the interest of the industry in the country's underexplored acreage. The picture is generally one of optimism, though we point out that the choice of direct negotiations for these blocks suggests that companies could have to drive a harder bargain in order to lay their hands on them.

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