Many people are only just getting used to the idea that Burma is now called Myanmar, that after almost 50 years of military rule it is moving quickly toward full democracy and that, following the easing of UBut in Asia, the rich business opportunities in Myanmar are well understood. The former capital Yangon is a construction site as, and to the dismay of some, colonial-era buildings are torn down to be replaced by new malls, hotels and office blocks. New cars, a rarity a few years ago, cruise the streets. A rising number of businesses accept credit cards.S and EU sanctions, it is open for business.

Part of the boom is likely to be in hydrocarbons, most probably natural gas. During western sanctions China was Burma’s biggest business partner and as a result got first mover advantage. The deepwater Shwe gas field (operated by South Korea’s Daewoo) started producing in July and first exports reached China, via a newly built pipeline, in September.

Last week, Myanmar’s oil ministry, known by its acronym MOGE, announced that 30 companies had bid in its first ever offshore licensing ground. Previously, exploration blocks were awarded through direct negotiations. The new round offered 11 shallow water and 19 deepwater blocks. State-owned Chinese companies were notable by their absence. Daewoo bid for one block. more…