Leading Scottish oil services companies made their move into Myanmar this week with the hope of identifying opportunities and explore way to assist in the energy sector development in Myanmar.

According to the Parami Energy local leading firm, the global investments are on hold, and some of them in the industry cut off the costs due to the current global price plunge.  But they expressed their confidence for the future growth.

CHIEF EXECUTIVE OFFICER, PARAMI ENERGY GROUP OF COMPANIES , KEN TUN: “How Scotland can actually help Myanmar to be as the energy center of Asia, to build the infrastructure, and to come out with the policy, that was the discussion…”

Especially in the offshore area, 70% of our offshore acreage has never been explored… Now we have a lot of discoveries especially in the deep sea of this…. So Myanmar will be the energy center of Asia, especially the Oil and gas… “

The delegation from one of the Scottish firms told MITV that, they hope more transparency and necessary infrastructure development to be in place.

COMMERCIAL DIRECTOR, BIBBY OFFSHORE, NICKY ETHERSON: “… I think this sector has potential here, it’s obviously growing…… And from the government prospective, it’s a case of being have some transparency. The moment we are over here to look at the fact finding to understand exactly the market that is available to us……”

Meanwhile, local industry players also voiced out that they need the government’s assistance to boost the country’s energy sector.

CHIEF EXECUTIVE OFFICER, PARAMI ENERGY GROUP OF COMPANIES , KEN TUN: “… We want to see a promotion of the policy which promote local ecosystem…. development of the infrastructure… The local financial institution which has a very limited capacity for the lending and finance, that’s also a problem… We need to have an institution which focus on the develop of the economy… So we are now trying to come out with the exploration and development program very fast.”

According to the local industry leaders, majority of the FDI are mainly from oil and gas sector, added that 70% of the country’s offshore has not been explored yet.

Source: MiTV News ()