ONGC Videsh signs PSCs for Myanmar blocks

New Delhi: ONGC Videsh Ltd (OVL), the overseas arm of state-run petroleum explorer Oil & Natural Gas Ltd (ONGC), said it has signed Production Sharing Contracts (PSCs) for two blocks in Myanmar. The contracts were signed between OVL, Myanmar Oil & Gas Enterprises Ltd (MOGE), National Oil Company of Myanmar, and Machine & Solutions Co Ltd (M&S), the local partner.

ONGC Videsh had participated in the Myanmar Onland Bidding Round last year, launched by that nation's government and was awarded two onshore blocks, B2 and EP-3, in October. OVL has participation in 35 projects in 16 countries including Bangladesh, Brazil, Colombia,Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, and Vietnam.

The company is currently producing 170 thousand barrels of oil and oil equivalentgas per day and had total oil and gas reserves of around 637 million tonne ofoil equivalent (mmtoe) at the end of March.

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