Total world consumption of marketed energy is projected to increase by 57 percent from 2004 to 2015. Increasing demand for energy necessary to fuel global economic activities has led to steady increase in oil prices over the years. Driven by increasing demand and soaring prices, the global oil and gas industry has to look for new sources of energy supply to meet increasing global demand for energy.
Due to its long history of inland petroleum industry and recent successes in offshore gas exploration, Myanmar provides exciting opportunities for the global oil and gas industry. Several local and foreign operators have received concession from Myanmar Government for exploration of oil and gas and many more are expected to follow suit. Encouraged by three commercially exploitable gas reserves recently found, foreign operators have already started initial survey and assessment operations in Myanmar waters.
With more foreign companies granted with concessions to explore over the next several years, we expect a lot of exploration, production and processing activities in the Myanmar offshore industry.
However, Myanmar still lacks a private company solely dedicated to servicing offshore operations due to the nascent stage of its rapidly-growing offshore industry. With a view to filling that need, we set up Myanmar Offshore Ltd.
Built on the foundation of our experience in supplying equipment and materials for petroleum explorations, our global network of suppliers and manufacturers and our commitment to fulfilling the needs and wishes of our valued customers, we believe Myanmar Offshore Ltd. will become the partner of choice for offshore operators exploring oil and gas in Myanmar.