First Offshore Gas Project Awarded Since Coup

On May 29, Myanmar's military-led State Administration Council (SAC) signed its first offshore Production Sharing Contract (PSC) since the 2021 coup, a major milestone in the country's energy sector. The agreement was made between the state-owned Myanmar Oil and Gas Enterprise (MOGE) and Gulf Petroleum Myanmar (GPM), a Thai-owned company operating in Myanmar. The PSC pertains to Block M-10 in the Gulf of Mottama, known as the Min Ye Thu project. This area is adjacent to the Yetagun field, which GPM has operated since Malaysian state-owned Petronas exited in 2022.
The Min Ye Thu project is Myanmar's seventh offshore gas development, and the first by the SAC. Ko Ko Lwin, the SAC’s Minister of Energy, stressed the importance of this contract given its improvements to the nation’s energy outputs, import deficit, and foreign investment. The first extractions from the project are estimated by 2028. Further details of the contract are yet to be released.