Business Daily from THE HINDU group of publications
Sunday, Sep 23, 2007
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Business Daily from THE HINDU group of publications Sunday, Sep 23, 2007 ePaper |
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Corporate
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Overseas Investments Markets - Stocks
AD-2, AD-3 and AD-9 are the three offshore blocks. Myanmar’s oil production is about 10,000 bpd. Gas output is about 820 million standard cubic feet per day. Our Bureau New Delhi, Sept. 22 ONGC Videsh Ltd (OVL) has won three offshore exploration blocks in Myanmar, contracts for which will be signed on Sunday. According to an official communication, the Petroleum Minister, Mr Murli Deora, is visiting Myanmar to witness the signing of production sharing contracts for the three blocks. Production sharing dealThe contracts will be signed between OVL and Myanmar Oil and Gas Enterprise, a Government of Myanmar enterprise. The company succeeded in acquiring 100 per cent participating interests in these three deepwater blocks AD-2, AD-3 and AD-9 in Myanmar offshore. Prior to these, oil PSUs OVL and GAIL (India) Ltd have participated in the exploration activities in A-1 and A-3 blocks in Myanmar. Currently, the total oil and gas production of Myanmar is about 10,000 barrel oil per day (bpd) and 820 million standard cubic feet per day (MMSCFD), respectively. The total oil and gas reserves are estimated at 50 million barrel and 10 trillion cubic feet respectively. Myanmar Oil and Gas Enterprise produces about 10,000 bpd and 120 MMSCFD gas from onshore oil and gas fields. Energy securityIn order to enhance energy security of the country, India is pursuing the option of acquiring equity in oil and gas assets overseas apart from developing indigenous production. “After his arrival at Nay Pyi Taw, Myanmar on Sunday, Mr Deora will meet his counterpart Brigadier General Lun Thi, Minister of Energy, Myanmar to discuss possibilities of enhancing bilateral cooperation in hydrocarbon sector,” it said. More Stories on : Overseas Investments | Stocks | Petroleum | Oil & Natural Gas Corporation Ltd
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