Jubilant to spend $70m on Burmese gas project

LONDON-LISTED explorer Jubilant Energy said yesterday it expects to initially invest between $70m (£45m) and $80m on an onshore oil and gas block it was recently awarded in Burma.

The India-focused energy company, whose chairman Shyam Sunder Bhartia is in talks with the Southeast Asian country to buy a stake in another block, hopes to finalise a decision in a few weeks.

Last week, Burma awarded 10 onshore oil and gas blocks in its biggest energy tender in years, with Asian firms snapping up the lion’s share. Jubilant won the PSC-1 production sharing block.

The country has proven gas reserves 11.8 trillion cubic feet at the end of 2010, according to BP.