Clifford Chance

Oil and Gas - Myanmar Update

11 May 2012

Myanmar (Burma) possesses large reserves of natural resources, with significant oil and gas fields both on and offshore. Owing to the impact of sanctions and the political climate, only 24 foreign companies, mostly from south east Asia, are operating in the oil and gas industry (predominantly in upstream). Myanmar wants to expand its oil and gas industry by opening the sector up to further foreign investment. Many countries have suspended or relaxed, or have expressed an intention to suspend or relax, sanctions, including Australia, the United States and the EU; these and others are monitoring developments and reviewing their position accordingly. The combination of reduced sanctions and a government looking for economic reform means that Myanmar is poised to become a significant oil and gas player in south east Asia.

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