BASHNEFT SIGHS IN MYANMAR
Bashneft International B.v. , a wholly owned subsidiary of JSOC Bashneft, signed a Production Sharing Contract (PSC) for oil Block ЕР-4 with Myanmar Oil and Gas Enterprise (MOGE). The signing bonus will total US$ 4 million. Bashneft International B.v. is the operator of the project, holding a 90% stake, while Sun Apex Holdings Ltd from Myanmar holds the remaining 10%.
Under the PSC for Block ЕР-4, the partners shall implement a three-year geological exploration programme, which may be extended for another three-year period and includes seismic surveys and drilling of two exploration wells. Investments in the geological exploration programme shall total US$ 38.3 million.
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