ONGC Videsh Ltd won Two Oil Blocks in Myanmar
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp, on 21 October 2013 won two oil blocks in Myanmar
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp, on 21 October 2013 won two oil blocks in Myanmar in Onshore Blocks Second Bidding Round-2013. The firm won Blocks B-2 (Zebyutaung-Nandaw) and EP-3 (Thegon-Shwegu), as per the list of winners released by Myanmar’s Energy Ministry. OVL has stakes in the A-1 and A-3 gas discovery blocks and three offshore acreages in Myanmar. Other Indian companies Cairn India, Oil India Ltd (OIL), Jubilant Offshore Drilling and Prize Petroleum failed to win any block.
Myanmar awarded 13 onshore blocks in total. Besides OVL, Italy’s Eni, Pakistan’s Petroleum Exploration (PVT) and Canada’s Pacific Hunt Energy Corp each winning contracts to operate two blocks while Petronas of Malaysia, Brunei National Petroleum Co, CAOG Sarl of Luxembourg, Bashneft of Russia and PTT Exploration and Production of Thailand won one block each.
The present PSCs (Production Sharing Contracts) in Myanmar stipulate a three-year exploration period followed by 20 years for production, with the royalty rate set at 12.5 per cent.