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GAIL acquires stake in Myanmar exploration block
GAIL has signed the production sharing contract with Myanmar Oil and Gas Enterprises on December 6 for Block A7 located in Rakhine offshore area, GAIL said in a release here.
Pioneer News Service: 08 December, 2006
New Delhi: GAIL India Ltd on Friday said it has acquired a 30 per cent stake in an offshore exploration block in Myanmar.
GAIL has signed the production sharing contract with Myanmar Oil and Gas Enterprises on December 6 for Block A7 located in Rakhine offshore area, GAIL said in a release here.
The public sector firm would hold a 30 per cent participating stake, while the remaining 70 per cent would be with its consortium partner Silver Wave Energy.
The company now holds a participating interest in 17 exploration blocks, along with national and international consortium partners.
The Navratna PSU has also got stake in the A-1 and A-3 blocks in Myanmar and Block 56 in Oman, the release said. Only yesterday GAIL's 2005-06 fiscal performance has been rated 'excellent' by the department of public enterprises.
"GAIL has secured a composite MoU score of 1.28," a company press release said.
GAIL has emerged as the third best oil and gas sector PSU on the basis of performance during 2005-06. "GAIL has been consistently securing 'excellent' rating since it started signing MoUs with the ministry."
Out of 29 benchmarked parameters in the MoU with the government, GAIL scored 'excellent' in 25 parameters. It scored 'excellent' against all seven criteria listed under static financial parameters.