> Home / More Current Affair News / Current Affair Detail

ONGC Videsh wins two oil blocks in Myanmar



Updated On - Saturday, 02 November 2013

13 October 2013

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, has won two onland oil blocks in Myanmar, strengthening its presence in the south-east Asian nation.

OVL, which has stakes in the A-1 and A-3 gas discovery blocks and three other offshore acreages in Myanmar, was last week awarded two oil and gas exploration blocks in that country’s Onshore Blocks Second Bidding Round — 2013.

The firm got Blocks B-2 (Zebyutaung-Nandaw) and EP-3 (Thegon-Shwegu), according to the list of winners released by Myanmar’s Energy Ministry. Other pre-qualified Indian companies Cairn India, Oil India Ltd (OIL), Jubilant Offshore Drilling and Prize Petroleum drew a blank.

Myanmar awarded 13 onshore blocks, with OVL, Italy’s Eni, Pakistan’s Petroleum Exploration (PVT) and Canada’s Pacific Hunt Energy Corp each winning contracts to operate two blocks.

Malaysia’s Petronas, Brunei National Petroleum Co, CAOG Sarl of Luxembourg, Bashneft of Russia and PTT Exploration and Production of Thailand won one block each, the ministry said.

Myanmar had in January had offered 18 onshore areas — 15 Production Sharing Contracts (PSC) and 3 Improved Petroleum Recovery Contracts (IPR).

It awarded 13 PSCs, while the IPR blocks went to MPRL of British Virgin Islands (2 blocks) and Petronas.

Industry sources said 59 companies, including PetroVietnam, Sinopec of China, Total of France, Woodside Energy and ExxonMobil were originally pre-qualified to bid for the 18 blocks offered in Myanmar’s second onshore licensing round.

Myanmar plans to adjust certain terms in its PSCs to make it more attractive to foreign investment. It is looking to reduce the income tax rate from 30 per cent to 25 per cent and extend an existing three-year tax holiday to five years.

Existing PSCs stipulate a three-year exploration period followed by 20 years for production, with the royalty rate set at 12.5 per cent.

OVL has also been pre-qualified to bid for 30 offshore oil and gas blocks that Myanmar plans to award by early 2014.

The 61 companies pre-qualified to bid for the 11 shallow water and 19 deepwater blocks include India’s Reliance Industries, Cairn, OIL, gas utility GAIL India and Jubilant.

International oil majors pre-qualified include Shell, ConocoPhillips, ExxonMobil, Total, Norway’s Statoil, Eni, Spain’s Repsol, Anadarko Petroleum of US, Husky Energy, Hess of US, Murphy Oil, Premier Oil of UK, Woodside and Delek Energy, according to Myanmar’s Energy Ministry.

Published by: The Hindu

Entrance Exam Notice Board 2022
Entrance Exam Notice Board
All India
West Bengal Joint Entrance Examination (WBJEE)
Exam Date : 04/30/2022 Last Date : 01/16/2022
Entrance Exam Notice Board
All India
All India Combined Entrance Examination (AICEE)
Exam Date : 05/25/2022 Last Date : 05/30/2022
Entrance Exam Notice Board
All India
Bihar Combined Entrance Competitive Examination (BCECE)
Exam Date : Last Date : 06/06/2022
Entrance Exam Notice Board
All India
Andhra University Engineering Entrance Test (AUEET)
Exam Date : 07/17/2022 Last Date : 07/13/2022
Entrance Exam Notice Board
State Level
Andhra Pradesh Education Common Entrance Test (APEd.CET)
Exam Date : 07/13/2022 Last Date : 06/22/2022
Entrance Exam Notice Board
State Level
Andhra Pradesh Engineering, Agriculture and Pharmacy Common Entrance Test (APEAPCET)
Exam Date : 07/04/2022 Last Date : 07/03/2022
Entrance Exam Notice Board
State Level
Andhra Pradesh Integrated Common Entrance Test (APICET)
Exam Date : 07/25/2022 Last Date : 07/09/2022
Entrance Exam Notice Board
State Level
Andhra Pradesh Law Common Entrance Test (APLAWCET)
Exam Date : 07/13/2022 Last Date : 07/04/2022
Entrance Exam Notice Board
All India
ICAR All India Competitive Examination for Admission to Doctoral Degree Programs (ICAR AICE-JRF/SRF (Ph.D))
Exam Date : Last Date : 08/19/2022
Entrance Exam Notice Board
All India
ICAR All IEntrance Examination for Admission to Post Graduate Programs (ICAR AIEEA (PG))
Exam Date : Last Date : 08/19/2022
Entrance Exam Notice Board
All India
ICAR All India Entrance Examination for Admission to Under Graduate Programs (ICAR AIEEA (UG))
Exam Date : Last Date : 08/19/2022
Entrance Exam Notice Board
State Level
Art and Design Common Entrance Test Conducted by Dr. YSR Architecture and Fine Arts University (ADCET)
Exam Date : 08/20/2022 Last Date : 08/10/2022
More...