ONGC Videsh Ltd bags two oil blocks in Myanmar

ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp, won two oil blocks in Myanmar in Onshore Blocks Second Bidding Round-2013. As per the list of winners released by the Myanmar’s Energy Ministry, OVL won Blocks B-2 (Zebyutaung-Nandaw) and EP-3 (Thegon-Shwegu).  The company has stakes in the A-1 and A-3 gas discovery blocks and three offshore acreages in Myanmar.
Of the total 13 onshore blocks awarded by Myanmar, Italy’s Eni, Pakistan’s Petroleum Exploration (PVT) and Canada’s Pacific Hunt Energy Corp won two contracts each 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 current PSCs (Production Sharing Contracts) in Myanmar specify a 3-year exploration period followed by 20 years for production, with the royalty rate set at 12.5%.

Month: Current Affairs - October, 2013