Interra targets Myanmar's oil

Sept. 10, 2013 at 8:12 AM

SINGAPORE, Sept. 10 (UPI) -- Singapore's Interra Resources Ltd. said it would take approximately six weeks to determine the results of a development well drilled in Myanmar.

Interra said it started drilling well YNG 3258 in the Yenangyaung oil field in Myanmar.

The company said it was targeted a depth of 2,650 feet. It said the primary purpose of the exploratory well was to accelerate production from the oil reservoir.

Myanmar in July hosted international delegates at its 2nd annual oil and natural gas summit. Speakers included potential investors from Asian economies as well as the United States.

The company gave no indication of the reserve potential at the Yenangyaung oil field. The U.S. Energy Information Administration said crude oil production in Myanmar is "minimal" but increasing. The country is a net oil importer.

"Interra estimates that the results of the drilling and completion should be available in approximately six weeks," the company said in a statement Monday.

Myanmar has moved to address international concerns on corruption by embracing transparency measures for its natural resources sector since general elections in 2010.

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