Myanmar's oil progress continues

Oct. 3, 2013 at 8:08 AM   |   0 comments

SINGAPORE, Oct. 3 (UPI) -- Interra Resources Ltd., a company based in Singapore, said Thursday it completed development at the Yenangyaung oil field in Myanmar.

Interra said it completed development of well YNG 3258 in the oil field, characterizing it as the 18th well designated as an oil producer for the company in Myanmar.

Interra said its primary objective at YNG 3258 was to accelerate production from producing oil wells in the reservoir. It said the well tested at a rate of 60 barrels per day, confirming it as an oil producer.

The company started drilling YNG 3258 in July. It gave no indication of the reserve potential at the Yenangyaung oil field but the U.S. Energy Information Administration said crude oil production in Myanmar is "minimal" though increasing. The country formerly known as Burma is a net oil importer.

Advocacy groups have expressed concern over operations in Myanmar. Sanctions on the country were eased in response to political reforms, though human rights groups say those sanctions were what encouraged development.

EarthRights International said in a statement Wednesday "some companies may be forthcoming about their procedures for vetting Myanmar partners for human rights and corruption risks, others have blithely disclaimed any responsibility."

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