Financial Daily from THE HINDU group of publications
Friday, Dec 30, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 30, 2005 |
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Corporate
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Announcements Gas reserves verified in Myanmar offshore block: OVL Our Bureau
New Delhi , Dec. 29 ONGC Videsh Ltd (OVL) has said that the 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 consortium partners of Block A-1 made the announcement based on an independent assessment by Ryder Scott Company, a consulting firm based in Houston. Apart from OVL, Daewoo International Corporation holds 60 per cent (the operator), and Korea Gas Corporation and GAIL (India) Ltd hold 10 per cent each. . The Shwe Phyu field, another discovery in Block A-1, would be appraised during the current drilling campaign, the statement said. The consortium would also drill the first exploratory well, Mya-1, in Block A-3 early 2006. During 2005-06, the consortium would 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.
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