Jubilant to invest $80m in Myanmar oil and gas block

City A.M. Reporter
London-listed explorer Jubilant Energy expects to initially invest between $70m (£45m) and $80m on an onshore oil and gas block it was recently awarded in Myanmar, a senior company official said.

The India-focused energy company is in talks with the Southeast Asian country to buy stake in another block, and hopes to finalise a decision in a few weeks, Chief Financial Officer Vipul Agarwal told Reuters.

"We had bid for two blocks. They have offered us one, but we are keen for both. We are still negotiating," he said.

Last week, Myanmar awarded 10 onshore oil and gas blocks in its biggest energy tender in years.