Myanma Oil and Gas Enterprise under the Ministry of Electricity and Energy is joining hands with domestic entrepreneurs to implement standard well drilling projects for oil production, according to the Ministry of Electricity and Energy.
MoEE will supervise the standard well drilling operations using digital technology and will also provide technical assistance.
Citizen entrepreneurs will be allowed to set up public companies for these standard well drilling projects. This initiative aims to systematically develop the private oil exploration sector.
“The Ministry is planning to systematically drill standard wells for crude oil to produce greater quantities and higher quality of CNG, LPG, fuel, and agricultural fertilizers,” said an official from the ministry.
Furthermore, contracts have already been signed with domestic entrepreneurs to collaborate on standard well drilling to increase domestic oil production. Efforts are also underway to enact legislation related to standard well drilling operations.
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