Jubilant to invest $80 million in Myanmar oil and gas block

London-listed explorer Jubilant Energy expects to initially invest $70 million (45 million pounds) to $80 million on an onshore oil and gas block in Myanmar, a senior company official said.

Last week, Myanmar awarded 10 onshore oil and gas blocks in its biggest energy tender in years. The blocks were awarded mostly to Asian companies, including Malaysia's Petronas , Thailand's PTT Exploration and Production and Jubilant.

"We had bid for two blocks. They have offered us one, but we are keen for both. We are still negotiating," Chief Financial Officer Vipul Agarwal told Reuters.

The production sharing contract for the block will likely be signed in two to three weeks, he said.

Jubilant Energy is part of the New Delhi-based Jubilant group that controls drugmaker Jubilant Life Sciences , agrochemicals maker Jubilant Industries and restaurant chain Jubilant FoodWorks .

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(Reporting by Prashant Mehra; Editing by Ranjit Gangadharan)

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