Oil and gas companies operating in Southeast Asia see the further easing of US sanctions on Myanmar as an opportunity to make new investments in the country and have been preparing to do so over the last several months. Obama said in a statement released late Wednesday that the US was easing restrictions on US companies doing business in Myanmar due to “significant progress along the path to democracy.”
Oil companies had already gotten a little more aggressive in Myanmar after Secretary of State Clinton’s trip to the country in December 2011, and the recent announcement is likely only to increase investment activity.
Obama’s news of last night was good news for international oil and gas. Obama’s announcement came the same day that Derek Mitchell arrived as the first US ambassador to Myanmar since 1988.