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The Ministry of Energy (MOE), through the Government owned Myanmar Oil and Gas Enterprise Ltd, has signed Improved Petroleum Recovery Contracts (IPRs) with Myanmar Petroleum Resources Ltd and the Myanmar Petroleum Exploration and Production Company Ltd in relation to onshore blocks IOR4 and IOR6. The IPRs included signature bonuses worth approximately US$13.81 million combined. Separately the Italian multinational oil and gas company Eni S.p.A (Eni) has entered into production sharing contracts in relation to the development of onshore blocks RSF-5 and PSC-K. Block RSF-5, situated approximately 310 miles north of Yangon, covers an area of 499 sq. miles in the Salin Basin. Block PSC-K, located in the central Myanmar, covers an area of 2352 sq. miles in the unexplored Pegu Yoma-Sittaung basin. Eni holds a 90% participating interest in RSF -5 and PSC-K through its local subsidiary Eni Myanmar B.V. The MOE has announced that it expects to finalise additional agreements in relation the remaining onshore blocks put out to tender in 2013, by the end of August 2014.  (Source: elevenmyanmar.com, 2 August 2014 and The New Light of Myanmar, 31 July 2014)

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