Myanmar Country ProfileBurma Country Profile
Burma has an ethnic diversity of about 51.5 million people. 70% of the people live in the countryside. While Myanmar achieves the World Bank's definition of a middle-income nation, there are significant differences in residential and residential circumstances between the countryside and cities and between different parts of the state.
Myanmar is an important source of offshore hydrocarbon resources in Southeast Asia, although the hydrocarbon industry is seriously undeveloped. Burma's petroleum company's shortage of funds, inadequate technological capacities, non-transparent regulation policies, inadequate investments by overseas companies and global penalties have seriously hampered the country's attempts to exploit its crude petroleum and petroleum extraction capabilities.
Nonetheless, US and EU penalties were relaxed or stayed in 2012 and 2013 in reaction to Burma's policy and economics. In the aftermath of the lifting of penalties, other multinational corporations have started searching for crude petroleum and petroleum in Burma. Burma's authorities are committed to attracting inward investments and technological aid and have concluded manufacturing participation agreements through face-to-face negotiation or recent license-lap.
It is producing a minimum amount of petroleum and condensate from the Salin and Yetagun reservoir. In the last round of applications in 2013, the Land handed over 16nshore and 20 off-shore units to several overseas and local com-panies. In more than half of these units, multinational corporations have begun investigations and prospecting work.
Further off-shore seasonal surveys are scheduled for 2016 and 2017, although the amount of prospecting may vary depending on the prospective pricing conditions for crude oils and natu-rations. Burma's authorities have agreed to postpone the start of the next round of bidders until at least 2017 and to push ahead with the 20 blocs that were allocated in 2013.
It also consumes little and is expected to exceed 60,000 b/d in 2015, although recent developments in the economy have increased the use of mineral oils, particularly in the transport industry, since 2012. Burma's finite natural gas and refinery capacities are not sufficient to cover the growing internal demand for raw materials and supplies, making the Burmese a net exporter of liquid fuels.
Burma's economic expansion has begun following the removal of penalties and reform in the power industry. The World Bank estimates that the country's GNP will grow by around 8% by 2016-2017, one of the highest rate of expansion in Southeast Asia. Increased oil production is needed to cover the increasing transport and industry needs.