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ZhenHua Oil Myanmar Project contract successfully extended

PublishTime:2018-05-07 Hits:282

On September 15, 2017, the signing ceremony for the extension of ZhenHua Oil Myanmar Project Contract was held in Naypyidaw, capital of Myanmar. The company chairman Liu Yijiang attended the event with a delegation. Under the witness of Mr. U Win Khaing, Minister of Construction and Minister of Electricity and Energy, shareholders’ representatives of both parties of the ZhenHua Oil Myanmar Project Company (Project Company) and U Myo Myint Oo, president of Myanmar Oil and Gas Enterprise (MOGE) officially signed the extension contract of the IOR-2 and MOGE-2 blocks for additional 11 years, marking the start of a new development journey for ZhenHua Oil Myanmar Project. At the signing ceremony, Mr. U Win Khaing highly praised the Project Company for its great contribution to Myanmar’s petroleum industry.Particularly in the fiscal year of 2013-2014, a total of 31 new wells were put into operation in Yenangyaung and Chauk oilfields. The initial production capacity of the new wells reached 1,600 barrels. In the 2014-2015 fiscal year, a total of 18 new wells were put into operation with an initial production capacity of 1,300 barrels. The Myanmar Ministry of Electricity and Energy was deeply grateful and hoped the Project Company would continue to be successful while paying great importance to HSE works and improving the working and living environment of oilfield employees. U Myo Myint Oo thanked the Project Company for the great changes it had brought to the petroleum industry of Myanmar, and expressed high confidence in the company’s technology and advanced experiences in the oilfield exploitation and development, and hoped the Project Company would pay more attention to HSE and social responsibility at the same time increasing oilfield production in the execution of the contract.