Interest in Myanmar's upstream sector has surged in the past 10 years or so as diplomatic relations with the West improved. The deepwater Bengal Delta Sub-basin became one of the most keenly watched frontier plays worldwide. The 2013 licensing round, which included deepwater blocks in the Bengal Delta Sub-basin, was strongly contested. The round saw the entry of both majors and large international oil companies (IOCs), with proven deepwater players such as BG, Woodside and Shell leading the way. The anticipated wave of high-impact drilling from the 2013 licensing round has not materialised. Shell and Statoil excited the play in 2017. The petroleum system remains largely unproven and exploration risk is high. It is struggling to compete for capital in a time of streamlined exploration portfolios.