(AGI) San Donato Milanese, Mar 31 - Italian oil and gas giantEni, following its participation in the competitiveInternational Bid Round launched by the Republic of the Unionof Myanmar, signed two Production Sharing Contracts (PSC) foroffshore blocks MD-02 and MD-04. The contracts were signed inNay Pyi Taw, in the presence of the country's Energy Minister.The Joint Venture consists of Eni, the Operator with an 80percent participating interest through Eni Myanmar B.V., andPetrovietnam Exploration Production Corporation Limited (20percent). MD-2 Block is located in the southern part of the Bayof Bengal, in the Rakhine Basin, approximately 135 kilometresfrom the coast, west of the Yadana field, the major offshorediscovery in the country. The Block covers an area of 10,330square kilometres in water depths ranging from 500 to 2400metres. MD-4 Block is in the Moattama-South Andaman Basin,around 230 kilometres from the coast, west of the Yetagun gasfield. The block covers an area of 5,900 square kilometres inwater depths ranging from 1,500 to 2,200 metres. The contractsfor the two blocks include a study period of two years,followed by an exploration period of six years, subdivided intothree phases. "With the contracts signed today, we have furtherexpanded our exploration portfolio through new and importantopportunities, which allow Eni to strengthen its presence in acountry with a significant potential and a rapidly developingeconomy," said CEO of Eni, Claudio Descalzi, commenting on thesigning of contracts for the exploration of two offshore blocksin Myanmar. "Today we become one of the largest operators inthe exploration activities in Myanmar, taking a further step inour organic growth strategy in Southeast Asia where we arealready present in China, Vietnam and Indonesia," he added.(AGI).