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Myanmar oil co exercises step-in rights to offshore gas field
MADRID, July 1, 2008: Madrid: India's OIL AND NATURAL GAS CORP (BSE:500312) and GAIL (INDIA) LTD's (BSE:532155) equity in two gas rich offshore blocks in Myanmar have been cut following Myanmar's national oil company exercising its 'step-in' rights in the fields, gas from which will be sold to China.
Sources: Trading Markets
Oil and Natural Gas Corp (ONGC) had 20 per cent stake and GAIL 10 per cent stake in A-1 and A-3 offshore blocks, where independently certified reserves are put at 4.53 trillion cubic feet.
* outh Korean trading company Daewoo International Corp was the operator with 60 per cent stake and Korean Gas Corp (KOGAS) had the remaining 10 per cent.
* However, as per the production sharing contract for the field, Myanmar Oil and Gas Enterprise (MOGE) had a 'step-in' right to take 15 per cent stake once discoveries are made.