Senior energy officials of the Association of Southeast Asian Nations (ASEAN) plus China, Japan and South Korea are due to meet in Myanmar's second largest city of Mandalay later on Tuesday to consult on energy cooperation.

    The discussions of the Senior Officials Meeting on Energy (SOME)+3 on oil reserve issue will be forwarded to the 6th ASEAN+3 Ministers on Energy Meeting (AMEM) to be followed the next day.

    ASEAN countries' plans on oil reserve will be drafted at the SOME and are expected to be released at the 6th AMEM.

    ASEAN has consented work on plans for building oil reserve system in each country to cope with increasing demand for oil in the Asian region and rising prices of oil in the future.

    A working-level talks of ASEAN will also take place with the three East Asian countries to work out their respective countries' plan to build up oil reserves.

    Myanmar has attracted foreign involvement in oil and gas exploration in the country mainly from such ASEAN member countries as Thailand, Malaysia, Singapore and Indonesia as well as from China, Japan and South Korea.

    Myanmar has abundance of natural gas resources especially in the offshore areas. With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 510 billion cubic meters (BCM) out of 2.54 trillion cubic meters (TCM)'s estimated reserve of offshore and onshore gas, experts said, adding that the country is also estimated to have 3.2 billion barrels of recoverable crude oil reserve.

    Official statistics reveal that foreign investment in Myanmar's oil and gas sector had reached 3.398 billion U.S. dollars in 89 projects as of the end of May 2009, standing the second in the country's foreign investment after electric power.

    According to the Central Statistical Organization, in the fiscal year 2008-09, Myanmar produced 6.89 million barrels of crude oil and 11.381 BCM of gas.

    More statistics show that during the year, Myanmar gained 2.384 billion dollars from exporting 10.674 BCM of natural gas.