Myanmar's state oil and gas enterprise will jointly conduct inland crude oil exploration in the country with a Luxembourg company on production sharing basis, according to the enterprise Thursday.

Under the contract signed between the Myanmar Oil and Gas Enterprise (MOGE), CAOG Sarl of Luxembourg and Apex Geo Services Co Ltd of Myanmar in Nay Pyi Taw, the oil exploration will be done in Myintha, Ayeyawaddy region.

Over the past three months, the MOGE had initiated contracts with companies from British Virgin Islands, Canada and Brunei to carry out oil exploration at inland oil blocks in Pyay, Myanaung, Indaw-Yanan, Taungoo-Pyinmana respectively.

All foreign oil companies are set to conduct environmental impact assessment (EIA) and social impact assessment (SIA) in their respective blocks and cooperate with local authorities for development of the regions.

In October 2013, 10 out of 78 foreign companies won tender for oil and gas exploration at 16 onshore blocks in Myanmar.

According to official statistics, foreign investment in Myanmar 's oil and gas sector amounted to 14.372 billion U.S. dollars in 115 projects as of June 2014, accounting for 30.76 percent of the total foreign investment and standing the second sectorally in Myanmar's foreign investment line-up after electric power. Endi

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