Tiwan's CPC Buys Stake in Myanmar Oil, Gas Block

Tiwan's CPC Corporation has acquired 30% stake in Myanmar oil and gas block from China's Sinopec.

Block D is located in the central basin of Myanmar and currently has six exploration wells, three wells have found oil and gas production potential, CPC said in a statement. Sinopec aquired full exploration rights ifor the block n 2004 from Myanmar Oil and Gas Enterprise. 

The company said that this move was aimed at improving the energy supply to the domestic market.

Myanmar has been attracting numerous compnaies from overseas because of its large natural gas potential. As per estimates the country may have gas reserves to the tune of 900 trillion cubic feet.