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BANGKOK, Aug 7 (AFP): Signs of new oil and gas deposits have been discovered off Myanmar's coast, the Myanmar Times newspaper reported Monday, raising the prospect of further foreign investment in the military-run country.
The newspaper quoted an official from the Myanmar Oil and Gas Enterprise (MOGE), who said that geologists from France and Myanmar had uncovered evidence of hydrocarbon deposits in deep water blocks off the western Arakan State.
"The survey area covered 2,500 square kilometres (965 square miles) and we made 15 multi-channel seismic surveys," Khin Maung Kyi, MOGE chief geologist, said of the survey sponsored by Frances Total Oil Company.
"We discovered thick sedimentary rock in deep water regions and found channels and basin floor fans, which are evidence of existing oil and gas reserves," he told the semi-official Myanmar Times.
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