GAIL acquires stake in Myanmar block
GAIL (India) has acquired a stake in A-7 offshore block in Myanmar.
By TNN |
KOLKATA: GAIL (India) has acquired a stake in A-7 offshore block in Myanmar. As part of the agreement, GAIL will hold 30% participating interest in the block whereas the remaining 70% will be held by its consortium partner, Silver Wave Energy. The latter is an upstream oil & gas exploration company
based in Singapore.
The two partners have signed a Production Sharing Contract with Myanmar Oil and Gas Enterprise on Wednesday for the A-7 block which is located in Rakhine offshore area in Myanmar. With this, GAIL has also managed to enlarge its footprint in the Myanmar’s hyrocarbon exploration sector. The company already has a stake in the A-1 and A-3 blocks in Myanmar.
“Spudding of wells is being carried out in these blocks and GAIL is exploring various options to bring the gas to India,” a company spokesperson told ET.
The A-3 offshore block was originally awarded to Daewoo International Corporation, Korea, by the Government of Myanmar in February 2004. The government of Myanmar and Daewoo have already agreed to associate with an Indian consortium comprising GAIL (India) Ltd and ONGC Videsh Ltd (OVL), for exploration and production in the A-3 block offshore Myanmar. This block, adjacent to the gas bearing A-1 block, is estimated to have high potential for hydrocarbon finds.
GAIL now holds a participating interest in 17 exploration blocks, along with national and international consortium partners. Of these, 7 are on-land blocks and 10 are offshore blocks. Within the country, GAIL has interest in 13 blocks across basins in Mahanadi, Bengal, Gujarat -Saurashtra, Mumbai, Cambay, Assam-Akaran and Cauvery. The GAIL consortium has also won three blocks in the latest round of bidding for coal bed methane (CBM) blocks in India. These include a block Jharkhand and two other blocks in Chhatisgarh. It also has interests in Block-56 in Oman.
based in Singapore.
The two partners have signed a Production Sharing Contract with Myanmar Oil and Gas Enterprise on Wednesday for the A-7 block which is located in Rakhine offshore area in Myanmar. With this, GAIL has also managed to enlarge its footprint in the Myanmar’s hyrocarbon exploration sector. The company already has a stake in the A-1 and A-3 blocks in Myanmar.
“Spudding of wells is being carried out in these blocks and GAIL is exploring various options to bring the gas to India,” a company spokesperson told ET.
The A-3 offshore block was originally awarded to Daewoo International Corporation, Korea, by the Government of Myanmar in February 2004. The government of Myanmar and Daewoo have already agreed to associate with an Indian consortium comprising GAIL (India) Ltd and ONGC Videsh Ltd (OVL), for exploration and production in the A-3 block offshore Myanmar. This block, adjacent to the gas bearing A-1 block, is estimated to have high potential for hydrocarbon finds.
GAIL now holds a participating interest in 17 exploration blocks, along with national and international consortium partners. Of these, 7 are on-land blocks and 10 are offshore blocks. Within the country, GAIL has interest in 13 blocks across basins in Mahanadi, Bengal, Gujarat -Saurashtra, Mumbai, Cambay, Assam-Akaran and Cauvery. The GAIL consortium has also won three blocks in the latest round of bidding for coal bed methane (CBM) blocks in India. These include a block Jharkhand and two other blocks in Chhatisgarh. It also has interests in Block-56 in Oman.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
