YANGON, June 17 (Xinhua) — A Singapore-Myanmar partnership company is planning to implement an offshore oil exploration base camp in southeastern Mon state's Kyaikkhami township, an official report said Friday.

The Myanmar Offshore Supply Base Ltd will carry out the project for the next 70 years under a build-operate-transfer system, the Mon state government was quoted as saying.

The project will be implemented on an 800 acres (324 hectares) of land, of which 46 acres will be rented from the government for 6,000 U.S. dollars a month and more areas of the coastline of Kyaikkhami will be reclaimed with compensation to residents on the land plot to be made, the report said.

Upon completion of the offshore oil exploration base camp, foreign shipping vessels will be able to use the base camp to refuel and stock up on supplies, the report added.

With a huge estimated reserve and international giants awarded onshore and offshore blocks, Myanmar has a huge potential in the oil and gas sector beyond 2015, experts said.