The "New Light of Myanmar" reports Friday Myanmar Oil and Gas will work with the Russian-linked Silver Wave Sputnik Petroleum and Silver Wave Energy of Singapore on the exploration, drilling and production of oil and gas in Burma's northwest Ziphyutaung-Nandaw region.
The newspaper says the energy minister from the Russian Republic of Kalmykia, the chairman of Silver Wave Energy and the managing director of Burma's state-run oil and gas company signed the agreement Thursday in Burma's administrative capital, Nay Pyi Taw.
Details of the agreement were not provided.
The deal should bring much-needed revenue to Burma, which is under US and European Union economic sanctions for its human rights abuses and slow democratic reform.
Earlier this month, Burma signed a gas deal with Rimbunan Petro Gas of the British Virgin Islands and Singapore's UNOG.
Information for this story is provided by AP and AFP.