UNION Minister for Ministry 1 of the President’s Office U Tin Aung San, in his capacity as Chairman of the Electricity and Energy Development Commission, yesterday inspected the offshore oil supply base (Thakayta), in Thakayta Township, Yangon.
The Union minister stated that the energy sector plays a vital role not only in the country’s development and progress but also in raising the living standards of the people. Although Myanmar is utilizing various sources of energy, oil and natural gas continue to hold a crucial position in the country’s energy mix. Hydropower and natural gas are mainly used for electricity generation.
Therefore, in order to meet the electricity needs and to support national development, it is necessary to prioritize the development of the energy sector, particularly the oil and natural gas sector. The four major offshore natural gas projects, such as Yadana, Zawtika, Yedagon, and Shwe, produce natural gas for export to neighbouring countries, contributing to the economic development of the country. Natural gas is also being distributed domestically for electricity generation, CNG-powered vehicles, and factories and industries, making these projects highly significant for the country.
The Union minister added that these major projects have already been in operation for a long period, and natural gas production has gradually declined. Therefore, it is necessary to continue to explore and develop new projects. The international energy companies should be invited to invest in both onshore and offshore oil and natural gas exploration and production.
The seismic data already obtained for identifying potential new oil fields must be analyzed within the set timeframe. To ensure that the private oil drilling enterprises operate systematically, priority should be given to replacing hand-dug oil wells with standard wells.
He also instructed the need to ensure the storage system, fire safety and security measures, and presented fruit baskets to the staff.
The Union minister observed around the offshore oil supply base compound and provided proper instructions. — MNA/KTZH
