BG, Woodside to Invest Over $1 bn in Four Myanmar Blocks

BG Group and Woodside Petroleum Ltd plan to invest up to $1.08 billion in four oil and gas blocks offshore Myanmar's western Rakhine state, news agency Reuters reported Sunday citing a senior Energy Ministry official.

The two firms won two shallow water blocks and two deepwater blocks in the country's auction last year.

"Operations at the shallow blocks will take $545.5 million at the minimum, while that at deep-sea blocks will cost $535.1 million at the minimum," said the official, Reuters reported.

Both firms signed PSCs on Friday, the official said adding that observation and exploration work at the blocks will take another seven or eight years.

Myanmar's proven natural gas reserves totalled 10 trillion cubic feet (tcf) at the end of 2013, according to BP's Statistical Review of World Energy.