ONGC Videsh Signs PSCs for Onshore Blocks B-2, EP-3 in Myanmar

India's state-owned Oil and Natural Gas Corporation Limited (ONGC) announced Monday that its wholly owned upstream subsidiary ONGC Videsh has signed Production Sharing Contracts (PSCs) for two onshore exploration blocks B-2 & EP-3 in Myanmar.

The PSCs for the blocks were signed in Nay Pyi Taw, Myanmar by ONGC Videsh's Director (Exploration) and Managing Director of Machinery & Solutions Co. Ltd. (M&S) - ONGC's local partner - as well as the Managing Director of Myanmar Oil & Gas Enterprises Ltd (MOGE), the country's national oil company.

"The Minister of Energy, Government of Myanmar presided over the signing ceremony and other Union Ministers, Regional Ministers, representative from Indian Embassy and seniors officers from MOGE attended the function," ONGC said in a press release Monday.

The two blocks, offered as part of Myanmar's 2013 onshore bidding round launched by the government in January 2013, was awarded to ONGC Videsh Oct. 10, 2013. The latest award futher boost ONGC Videsh's upstream presence in Myanmar, where the firm is already a partner in a project covering the A-1 and A-3 offshore blocks and the Shwe Gas pipeline development, where first production commenced in July 2013.

Earlier this month, Italy's Eni signed PSC agreements for RSF-5 and PSC-K onshore blocks in Myanmar, while a unit of Thailand's upstream oil and gas company PTT Exploration and Production inked a PSC with MOGE for Block MOGE-3.

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