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Myanmar's oil potential touted

Aug. 28, 2013 at 7:19 AM

SINGAPORE, Aug. 28 (UPI) -- Singapore's Interra Resources Ltd. announced it completed drilling its 14th oil well at the Chauk oil field in Myanmar.

Interra said it completed drilling development well CHK 1171 in the Chauk oil field, its since the start of the year.

The well was drilled to a depth of 3,200 feet and gave up 125 barrels of oil per day during testing. The company gave no indication Monday of the reserve potential in the Chauk oil field but said "several" other projects of its kind were slated for additional testing.

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 U.S. Energy Information Administration said crude oil production in Myanmar is "minimal" but increasing. The country is a net oil importer.

International sanctions on Myanmar have been eased since general elections in 2010. Human rights groups say it was those sanctions that encouraged much of Myanmar's political reforms.

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