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Jubilant Energy was awarded a stake in Block PSC-I in Myanmar. The production sharing contract (PSC) for the block was executed at Nay Pyi Taw, Myanmar, between Jubilant, Parami Energy Development Co. Ltd. and Myanmar Oil & Gas Enterprise.
The company's discretionary work program is expected to include the reprocessing of historical 2D seismic data, the acquisition of 2D and 3D seismic data, and drilling operations. Any such expenditure will be attributed directly to the two partners' interests in the block.
Jubilant holds a 77.5% participating interest in this block through its subsidiary Jubilant Oil & Gas Private Ltd., and will be the operator of the block. Parami Energy holds the remaining 22.5% participating interest in this block.
The block falls in the Irrawaddy Delta Sub-Basin and partly in the Pyay Embayment Sub-Basin of the Central Burma Basin, which is believed to be the most prolific sedimentary basin in Myanmar, where giant fields such as Chauk-Lanywa and Yenangyaung are located. The awarded block is also adjacent to the Myanaung and Shwepyitha producing fields
The block covers an area of approximately 3600 sq km and is about 125 km northwest of Yangon City.