India’s state-run oil and gas company ONGC Videsh Ltd (OVL) 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), and the Indian firm’s local partners National Oil Company of Myanmar and Machine & Solutions Co Ltd (M&S).
ONGC Videsh, which is the overseas arm of India’s petroleum explorer Oil & Natural Gas Ltd (ONGC), had participated in the Myanmar Onshore Bidding Round last year, and was awarded two onshore blocks, B2 and EP-3, in October 2013.
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 Indian oil giant is currently producing 170,000 barrels of oil and oil equivalent gas per day and had total oil and gas reserves of around 637 million tonne of oil equivalent (mmtoe) at the end of March.