FOREIGN investment in Myanmar’s oil and gas sector reached a record high of more than US$470 million in fiscal year 2006-07, accounting for more than 60 percent of the total, according to newly released government statistics.

Oil and gas, together with the power sector, accounted for more than 98pc of all foreign investment, said the Ministry of National Planning and Development in its latest statistical survey report, seen November 26. The remainder was in the fisheries sector.

Myanmar’s financial year begins on April 1 and ends March 31.

Since Myanmar liberalised its investment code in late 1988, it has attracted its largest investments in the oil and gas and electric power sectors.

Of the total $471.5 million investment in the oil and gas sector, the largest share – $240.7 million – came from the United Kingdom, followed by Singapore with more than $160 million, according to the report.

Russia and South Korea also had large investments in the sector, it said.
Though the report did not give details of the investments, companies registered in the listed countries signed production sharing contracts with the Myanmar government during the period covered.

The 36.8pc share of foreign investment represented by the power sector was all accounted for by $281.2 million from China, the report said.

Fisheries accounted for $12 million, or just under 1.6pc, of the foreign investment total, it said.