Energy Biz Rewind: Myanmar’s Coming Record Energy Investment, Tanzania Reviews Energy Contracts
Myanmar, having recently been politically rehabilitated, is poised for record foreign investment this year, led by oil firms. It is estimated that the nation may hold between 11 and 23 trillion cubic feet of natural gas, and its current output is approximately 19,600 barrels of oil per day and 1.475 billion cubic feet per day of gas. Thus far, Total S.A. (NYSE:TOT), Chevron Corporation (NYSE:CVX), and Sinopec (NYSE:SNP) are among companies having investments there.
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Tanzania is following up a series of major natural gas discoveries in its territory with a review of all contracts with oil and gas exploration companies operating there, such as Exxon Mobil Corporation (NYSE:XOM), Statoil ASA (NYSE:STO), and Total SA. By the end of November, the country’s applicable laws will likely be reconfigured, which is part of a pattern among the newly resource-rich African nations.
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