Myanmar yielding oil for Interra Resources

Singapore's Interra Resources Ltd. said it confirmed one of its wells, CHK 1182, in the Chauk oil field in Myanmar was producing oil for the company.

"CHK 1182 is the fourth well completed in the new successful development program of directional drilling under the Irrawaddy River in northern Chauk field," the company said in a statement Wednesday. "CHK 1182 is the sixth well to be completed as an oil producer in Myanmar in 2014."

Interra gave no indication of the reserve potential at the field but the U.S. Energy Information Administration said crude oil production in Myanmar is "minimal" though increasing. Myanmar is a net oil importer.

Last month, Myanmar awarded dozens of blocks for offshore development to companies ranging from Norway's Statoil to British energy company BG Group.

Human rights groups have expressed concern about the corporate interest in Myanmar given its human rights record. Myanmar started drawing in more investments when sanctions eased in response to political reforms in 2010. Human rights groups say it was those sanctions that encouraged reforms in the first place.