Arakan gas and oil gets US$1 billion investment

More than US$1 billion dollars is to be invested in oil and gas extraction off of Burma’s western coast. Britain’s BG Group and Australia’s Woodside Petroleum Ltd won the rights to two shallow sea and two deep sea offshore “blocks” in Arakan State, also known as Rakhine State, in an auction last year. Reuters quoted an energy official as saying that observation and exploration work at the area will take another seven or eight years. The two companies signed product sharing contracts on 20 March.