BG to explore for oil and gas in Myanmar

LONDON, March 26 Wed Mar 26, 2014 6:22am EDT

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LONDON, March 26 (Reuters) - Britain's BG Group said it would explore for oil and gas off the coast of Myanmar later this year, in line with its plan to enter a new geological basin each year.

Myanmar, a country of 60 million people, is rich in gas reserves, which government officials estimate at 11 trillion to 23 trillion cubic feet.

The country opened bidding for dozens of exploration areas last year and has awarded the rights to BG as well as other large oil companies including Statoil and ConocoPhillips.

BG has been awarded positions in four blocks off the coast of Myanmar.

"This award is in line with BG Group's strategy to focus on securing prospective frontier acreage and enter, on average, one new basin each year," BG said in a statement on Wednesday.

Recently the company, which produces oil and gas in the North Sea and Brazil, has had success opening a new gas basin in Tanzania. (Reporting by Sarah Young; editing by Kate Holton)

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