Nay Pyi Taw: A local company in Myanmar has discovered a large offshore gas reserve off Ngwesaung Beach, Pathein in Ayeyawaddy region, an official report said on Monday.

At a location about 48 kms off the beach, the company found the gas reserve in a test well known as Shwe Yee Htun-1 at a depth of 5.3 kms below rotary table and two kms below the surface of the water, Xinhua reported. The local company, the only independent energy company led by Myanmar nationals, began drilling the well in November 2015.

The country’s oil and natural gas export earned over $4.6 billion in the fiscal year 2014-15, ranking first in the year. The gas, produced from the Yadana, Shwe, Yetagun and Zawtika gas fields, were mainly exported to China and Thailand.

A number of companies from Britain, Australia, Japan, Italy and India last year signed production sharing contracts with Myanmar to explore oil and gas at blocks off Rakhine coast, Taninthayi coast and Mottama in south Andaman basin. Myanmar has abundant natural gas resources especially in the offshore areas.

Foreign investment in Myanmar’s oil and gas sector amounted to $19.641 billion as of the end of September 2015 since late 1988 when the country opened to such investment, accounting for 34.16 percent of the total and ranking first sectorally in the country’s foreign investment line-up, statistics show.

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