American company General Electric ( GE) Oil and Gas, will cooperate with Myanmar private company SMART Technology Service in the service sector of oil and gas on mutually beneficial basis, local press reported Wednesday.
According to their cooperation agreement, the SMART company will supply equipment and services to drilling and surface solution of the GE, local Union Daily said.
GE has stepped in Myanmar shortly after the United States announced lift of sanctions on the country in 2012.
Local firms of Myanmar have been seeking joint operation with foreign counterparts in oil and gas exploration on production sharing basis for the development of the energy sector.
In October last year, 10 foreign companies out of 78 bidders from Britain, Brunei, Canada, India, Italy, Luxembourg, Malaysia, Pakistan, Russia and Thailand won tender for oil and gas exploration at 16 onshore blocks in Myanmar.
Foreign investment in Myanmar's oil and gas sector had reached 14.372 billion U.S. dollars in 115 projects as of the end of 2013, accounting for 32.46 percent and ranking the second in the country 's sectoral foreign investment after electric power, according to official statistics.