The Ministry of Energy issued a statement explaining that state-owned Myanma Oil and Gas Enterprise would serve as a partner alongside at least one other state-owned enterprise.
"The petroleum operation shall be conducted on production sharing basis and/or improved petroleum recovery basis," a ministry statement published by the Myanmar Times read.
Representatives from French company Total visited Myanmar in June to discuss prospects in the country. Last year, President Barack Obama signed an executive order authorizing U.S. investments in Myanmar in light of political reforms that began with general elections in 2010.
The CIA World Factbook estimates that Myanmar holds around 50 million barrels of oil reserves and roughly 1 trillion cubic feet of natural gas.
Bids are due by March 17. The country held its first oil and natural gas auction in August 2011.