Myanmar opens keenly awaited oil and gas auction

Myanmar on Wednesday launched an auction of 30 offshore oil and gas exploration blocks expected to draw fierce competition from foreign giants hoping for a share of an energy bonanza. Successful bidders will be granted full rights to up to three of 19 deepwater blocks on offer, the energy ministry said on its website - a first for a sector once closely controlled by the corrupt former junta. Firms have previously been required to partner with state oil companies for onshore blocks, but due to the high cost and technical skills required, bidders must take full control for deepwater exploration. Bidders will, however, be required to enter into a production sharing contract with the state-owned Myanma Oil and Gas Enterprise (MOGE), it said without providing further details.