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Oil wells in Yenangyaung, 1910. Myanmar, is a developing country and an important natural gas and petroleum producer in Asia.It is home to one of the world's oldest petroleum industries, with its first crude oil exports dating back to 1853. [1]
Yenangyaung (Burmese: ရေနံချောင်း; literally "stream of oil") is a city in the Magway Region of central Myanmar, located on the Irrawaddy River and 363 miles from Yangon. Until 1974, it remained the capital city of both Minbu Division (now Magway Division) and Yenangyaung District. The population of Yenanchaung was 45,120 ...
In 1902, the Chauk-Lonywa oil field was discovered near Chauk, which is presently a major source of income for the town. On January 2, 2014, Singapore's Interra Resources announced that its jointly controlled entity, Goldpetrol Joint Operating Company Inc., had commenced drilling development well CHK 1177 in the Chauk oil field in Myanmar.
The nationalised assets of Burmah Oil Company were amalgamated to MOGE. [3] [5] MOGE discovered the Mann oil field in 1970. Peak production in 1979 was 23,000 barrels of oil per day, about three-quarters of Myanmar's total production. [6]
Magway Region produces a large quantity of edible oil as well as petroleum, hence gaining its reputation as the "oil pot of Myanmar". Pakokku is the largest rice market city of Upper Myanmar (Burma). Agriculture is another important practice, the major crops being sesamum and groundnut.
Exports, along with oil wells, gem mining and teak production were controlled by the monarch. [9] Burma was vitally involved in the Indian Ocean trade. [8] Logged teak was a prized export that was used in European shipbuilding because of its durability, and became the focal point of Burmese exports from the 1700s to the 1800s. [10]
A USD 3 billion gas pipeline and onshore tanker terminal project was built by Daewoo, China National Petroleum Corporation and Burma's state-owned Myanmar Oil and Gas Enterprise. It can pump about 12 billion cubic meters of gas annually to Kunming, Yunnan Province of China. It is planned to pump 22 million tonnes of crude oil annually.
The British made the city into the oil refinery center of the country in the early 20th century to process the oil shipped from central Burma. The refinery was destroyed during World War II . The Thanlyin refinery was rebuilt in 1957, and underwent expansion in 1979 with Japanese assistance.