An agreement to explore the energy potential off the coast of Myanmar is part of a strategy to meet growing needs in the Asia-Pacific, Chevron said.
Unocal Myanmar Offshore Co., a subsidiary of Chevron, signed a production sharing contract with its counterparts in Myanmar to explore for oil and gas in the Rakhine basin off the northwest coast of Myanmar.
"Chevron is committed to exploring Myanmar's energy potential," regional business director Brad Middleton said in a statement. "The exploration of this block is aligned with Chevron's long-term strategy to find and develop resources that will help meet the growing energy needs in the Asia-Pacific region."
The company offered no estimate of the reserve potential offshore Myanmar. It holds a minority stake in a regional pipeline company that delivers natural gas to the Thai and Myanmar power markets.
Global energy companies have shown a greater interest in Myanmar since military rule ended in the country with general elections in 2010. Australian energy company Woodside Petroleum was among those signing up recently for the opportunity to tap into frontier basins off the western Myanmar coast.
In terms of regional energy demands and growth potential, the Asian Development Bank said developing countries in the Asia-Pacific are expected to make a "strong contribution" to global economic health in the coming years. Since 2009, the region has accounted for close to 60 percent of the global growth in gross domestic product.
Though Myanmar has attracted more foreign capital since 2010, the United Nations warned this week there were still serious human rights concerns and the economic development in the country has so far been disproportionate.
