More Indian Construction Companies Move into Burma
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ONGC to sign three gas contracts for Myanmar gas
September 22, 2007: (India PR wire) ONGC Videsh, the overseas arm of state-run hydrocarbons exploration major Oil and Natural Gas Corp (ONGC), is set to sign three contracts in Myanmar to share the gas produced from deepwater exploration blocks.
Petroleum Minister Murli Deora leaves for Nay Pyi Taw Sunday on a two-day visit during which the contracts will be signed. He will also discuss possibilities of pushing bilateral cooperation with Myanmar in hydrocarbons.
Deora will be accompanied by Petroleum Secretary M.S. Srinivasan and managing director of ONGC Videsh, R.S. Butola, and is scheduled to hold talks with his counterpart in Myanmar, Brigadier General Lun Thi, an official release said.
ONGC Videsh had succeeded in acquiring 100 percent participation in the three blocks, which comes after it won contracts for two other blocks for 20 percent and 10 percent interest each.
India is making attempts to acquire more hydrocarbon assets in Myanmar, which currently produces 10,000 barrels of oil and 820 million standard cubic feet of gas per day, the statement said.
The total oil and gas reserves in Myanmar are estimated at 50 million barrels and 10 trillion cubic feet, respectively.