10 May 2005
Essar bags two gas blocks in Myanmar
HT Correspondent Mumbai
ESSAR OIL of the Ruias has signed a deal with the Myanmar government for the exploration of two gas blocks -- one onshore and one offshore. An Essar press release said: "The blocks are located between proven gas blocks. They are aligned along the regional corridor of gas discoveries south of Bangladesh, including the highly productive Sangu Gas field in Bangladesh. The Rakhine coast lies along the eastern side of these blocks, providing logistic support." The blocks have a combined reserve of 6 trillion cu. ft. and recoverable reserves of 5 trillion cu. ft. The production possibility is around 5 million cu. m. per day.
Essar's A.N. Sinha signed a production-sharing contract with Myanmar Oil & Gas Enterprise. The company release claims: "Essar is the first Indian private sector company to sign an agreement in this area in Myanmar."
epaper solution by BODHTREE