SINGAPORE, July 6, 2015 - (ACN Newswire) - According to a recent report, Myanmar has received more than US$8 billion[1] in Foreign Direct Investment (FDI) last fiscal year, double the US$4 billion government target. A senior official from the Myanmar Investment Commission has attributed this to the expansion of the country's telecoms industry and its wooing of foreign energy companies and manufacturers. The oil and gas sector drew US$3.6 billion[2], accounting for 45 per cent of total FDI.
In 2014, 40 onshore and offshore blocks have been awarded to international industry players such as Chevron, Shell and TOTAL. The Myanma Oil and Gas Enterprise (MOGE) is also planning to privatise assets such as the offshore supply base, where a mix of 52 local and international companies not long ago had expressed strong interest in collaborating with the organisation to develop the offshore base.
Speaking at a meeting for oil & gas drilling contractors recently, U Kyaw Kyaw Hliang, Chairman of the SMART Group of Companies and Oil & Gas Myanmar 2015 conference speaker believes that, whilst the O&G industry in Myanmar is 'catching its breath in 2015', the future of the sector looks bright.
Strong economic progress to spur local industry development
Myanmar is set for strong economic growth. According to McKinsey, the country's current GDP is US$50 billion and is expected to rise to US$200 billion by 2030. Demand for oil and gas will intensify as the economy progresses. It is estimated that, by 2030 Myanmar's gas-fired power stations will need to produce 4,247 megawatts, and crude oil requirements will reach 320,000 barrels/day, and gas - 1,800 million standard cubic feet/day.
As a result, O&G activities are expected to pick up towards the end of Q4 or early Q1 2016, as winners of the 2014 tenders such as BG, Petro Brunei, PTT Exploration and Production (PTTEP), Shell kick start their seismic surveys. Concurrently, major industry players like Petronas, PTTEP and Total will be drilling more wells to meet production and output targets.
Urgent need for oil & gas industry expertise
With the high levels of activity expected to hit the oil and gas industry in Myanmar, the need for varied range of technical knowledge in seismic and drilling solutions and services over the next five years is more urgent than ever. In addition, expertise is also necessary in related areas from regulation and compliance to logistics and even insurance.
Oil & Gas Myanmar 2015: Addressing knowledge and skill gaps
Following the success of the inaugural edition of Oil & Gas Myanmar in 2014, where more than 2,300 trade attendees, comprising special guests, conference delegates, visitors and members of the press visited the event, Oil & Gas Myanmar will return from 15 to 17 October 2015 at the Myanmar Event Park.
The exhibition will showcase technologies, services and solutions ranging from exploration to production, and serve as the sourcing platform and knowledge base for industry professionals. Companies in Exploration and Development, Seismic Data Acquisition, Natural gas distribution, Pipeline Engineering, Engineering Design and Construction and many more from countries and regions such as Australia, China, Germany, Indonesia, Malaysia, Russia, Singapore, Thailand, USA and the United Kingdom will be highlighting their latest innovations, products and solutions.
The Oil & Gas Myanmar 2015 Conference, held in conjunction with the exhibition, will seek to address the gaps in industry knowledge. The conference sessions will be held over three days, will feature industry thought leaders from MOGE, TOTAL, United Engineering, Sapura Kencana, China Petroleum, amongst others.
Delving deep into topics related to Myanmar's oil and gas industry, the tracks will focus on investment, development and financial aspects of the market. Key highlights include an overview of Myanmar's offshore market by U Myo Myint Oo, Managing Director of MOGE, and a panel discussion on the investment outlook of the oil & gas industry, new developments by U Thann Min, Director Planning at MOGE. Also included is a session which spotlights investment and asset protection, specifically educating local and foreign industry professionals working in Myanmar on the various options available for vehicles, machinery and equipment.
Extending networking beyond the show floor
MOGSS, in conjunction with Oil & Gas Myanmar 2015, will be organising a Golf Tournament for MOGE officials and event participants after the show. To be held on 19 October 2015 in Naypyitaw, the tournament will provide exhibitors and conference delegates with extensive networking opportunities.
[1] Reuters: Myanmar 2014/15 FDI swells to $8.1 bln - govt agency http://reut.rs/18XTXoe
[2] Channel NewsAsia: Oil prices, general elections weigh on Myanmar's economy http://bit.ly/1NKRT1U
Event At A Glance:
Oil & Gas Myanmar 2015 Exhibition
Date: 15 - 17 October 2015
Venue: Myanmar Event Park, Yangon
Opening hours: 0900 hrs to 1700 hrs
Admission: Business and trade professionals only
Website: http://ogmyanmar.com/
Contact:
Juliet Tseng
Singapore Exhibition Services
Tel: +65 6233 6635
Email: Juliet@sesallworld.com
June Seah
Singapore Exhibition Services
Tel: +65 6233 6621
Email: june.seah@sesallworld.com
Topic: Trade Show or Conference
Source: Oil & Gas Myanmar
Sectors: Gas & Oil
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From the Asia Corporate News Network
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