India’s state-owned ONGC Videsh (OVL), a subsidiary of Oil and Natural Gas (ONGC), has secured two onshore blocks in the Myanmar Onshore Bidding Round 2013.
The B2 or Zebyutaung-Nandaw block, which covers an area of about 16995km², is situated near the bordering state of Manipur of India, in northern Myanmar.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The EP-3 or Thegon-Shwegu block, which includes an area of 1650km², is situated in central Myanmar.
Government of Myanmar had declared the onshore second bid round-2013 for 18 blocks on 17 January 2013, while ONGC Videsh was one of the seven companies from India that were shortlisted as pre-qualified bidders.
ONGC Videsh had already secured 17% non-operating stakes, with an investment of about $565bn, in the fields Shwe & Shwe Phyu or block-AI, and Mya North & Mya South or block-A3 in the country.
ONGC chairman Sudhir Vasudeva said: "The acquisitions of producing and exploratory assets reflect the success of the strategy adopted by the company to quickly add reserves / production through a balanced portfolio approach."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOVL currently produces around 160 thousand barrels of oil and oil equivalent gas per day, while it is expected to include about 433 mmtoe of oil and gas reserves.
The company currently holds stake in 32 projects in 16 countries, which include Azerbaijan, Brazil, Colombia, Cuba, Iraq, Kazakhstan, Libya, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam.
Image: ONGC Videsh has secured the Zebyutaung-Nandaw block in Myanmar, which covers an area of 1650km². Photo courtesy of Bob Jenkins.
