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Rich gas reserves verified in Myanmar block: ONGC

Myanmar offshore Shwe field Block A-1 was verified to have between 2.88 trillion cubic feet (TCF) and 3.56 TCF of gas in place.

business Updated: Dec 28, 2005 21:17 IST
Indo-Asian News Service
Indo-Asian News Service

ONGC Videsh Ltd announced on Wednesday that Myanmar offshore Shwe field Block A-1, in which it holds 20 per cent interest, was verified to have between 2.88 trillion cubic feet (TCF) and 3.56 TCF of gas in place.

The gas volume has been assessed by Houston-based consulting firm Ryder Scott Company, OVL said in a statement.

Apart from OVL, GAIL (India) Ltd holds 10 per cent participating interest in this block operated by Daewoo International Corporation with 60 per cent stake, while Korea Gas Corporation holds the remaining 10 per cent.

The consortium has already started the 2005-06 drilling campaign in
Shwe Nilar-1 well this month.

The Shwe Phyu field, another discovery in Block A-1, will be assessed by three appraisal wells during the current drilling campaign, according to OVL.

The consortium will start an exploration drilling programme in Block A-3 with the first exploratory well Mya-1 in the beginning of the new year. OVL and GAIL together hold 30 per cent stake in this block too, in the same pattern as in Block A-1.

"During the 2005-06 drilling campaign, the consortium will drill six to seven wells in Blocks A-1 and A-3, comprising three appraisal wells at the Shwe Phyu field, two or three more exploratory wells to test the Shwe Nilar and Ngwe North prospects in Block A-1, and one exploratory well to test the Mya prospect in Block A-3," OVL statement said.

According to ONGC group Chairman Subir Raha, "Work on feasibility studies from development of the fields has already started and efforts are being made to bring the gas to India."

First Published: Dec 28, 2005 21:17 IST