BUSINESS – Russians signs onshore oil contract with Burma

Russia’s Bashneft International has signed a production-sharing contract with Myanma Oil & Gas Co and Sun Apex Holdings for inland oil block EP-4 in Pegu Division, according to Burmese state media on Tuesday, reporting that the Russian firm paid a US$4 million signature bonus and that it must conduct environmental and social impact assessments before drilling. Russian state media confirmed the deal, saying Bashneft had signed a three-year contract to investigate the seismicity and drilling of two survey wells.