1. It is fair to say that the last few years have been somewhat successful for Parami Energy- can you tell us a little bit about your major successes in recent times?
Well, I believe we can still push further and harder. Over the past few years, we have completed some turnkey projects, got involved in the Myanmar- China EPC project, expanded into the exploration business, and diversified into the banking and insurance sectors.
We are very successful in two aspects. First, we implemented PARAMI ENERGY’s sustainable corporate responsibility @ SOUL program (SCRS). Through SCRS, we helped many people who have hopes and are engaged in green projects. On the business side, I am thankful to my team for their stamina and courage to successfully deliver the difficult promises in the hard times, gaining respect from industry and maintaining our clean track record.
2. It must be very exciting times. The next round of bids for exploration blocks are set to be announced shortly- in your opinion should international investors be cautious about entering market in Myanmar?
I think bidding for onshore blocks will come first very soon*. So far, the government has done well in term of political improvement. I can say that because I have witnessed leaders from around the world visiting Myanmar, opening doors for further improvements. We observed serious preparation/
3.What challenges do you think potential new entrants may face and what advice can you share with them?
For any international players coming into new territories, they will have their own way to evaluate the market. Again I personally believe that it is an opportune time for Myanmar and also there are plenty of opportunities. The key issue is about managing the risk. The magnitude of the success will be measured on how successfully you can manage the risk here.
Instead of evaluating the market from far away, I’d like to encourage interested parties to come here to do due diligence on ground. It will improve your “feel” of the market. The more confident you are about your feelings, the more likely that you can manage the risk better. But the time is limited. So deploy the fulltime staff here or work with local partners who share the same interests and values and who can bring value with their local knowledge, knowhow, and expertise.
4.Parami Energy are the official partners of the Official Myanmar Upstream Summit, how did this come about and what do you expect from the event?
To be the active and resourceful player in the industry, we must understand where the industry is going and how it will develop strategically. In order to do so, we need to support major events like this one. We are very honoured to have partnered with CWC on such a strong event and to have the great support from Ministry of Energy. I think it may happen at the just right time between onshore and offshore bidding rounds.
I believe this summit will present opportunities for both Myanmar and investors. I hope this summit will bring more investors’ confidence in Myanmar and enable investors to understand opportunities, local practices, and cultures. I also hope this summit will play a key role in expansion and success of Oil and Gas sector in Myanmar.
*When this interview was conducted on the 9th of January, the bidding rounds were not announced by the Ministry of Energy of Myanmar.