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Myanmar gives up oil for Interra Resources

Feb. 18, 2014 at 8:12 AM   |   Comments

SINGAPORE, Feb. 18 (UPI) -- Singapore's Interra Resources Ltd. said a well drilled into the Chauk field in Myanmar was producing oil and marked its third well completed there this year.

Interra said it completed drilling into a well designed as CHK 1179 in the Chauk oil field and listed it as an oil producer. It said Monday the well produced 24 barrels of crude per day during a production test and marks the third well it completed in Myanmar this year.

Last week, the company said in a statement it started drilling a well, designated as YNG 3266, into the Yenangyaung field in Myanmar. Drilling results are expected in six weeks

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

Human rights groups have expressed concern about the corporate interest in Myanmar given its human rights record. Sanctions on Myanmar eased when military rule ended in 2010, though rights groups say it was those sanctions that encouraged political reform.

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