OVL Announces Gas Resources of Offshore Myanmar Blocks

ONGC Videsh Ltd. (OVL), along with other consortium partners of Blocks A-1 and A-3 in Myanmar offshore, have announced the Original Gas In-Place and Contingent Gas Resources (Recoverable Reserves) of the Shwe, Shwe Phyu and Mya fields based on an independent assessment/certification done by Gaffney, Cline & Associates (GCA), Singapore.

OVL holds 20% participating interest in these blocks. The other consortium partners in the blocks are Daewoo International Corporation 60% (Operator), Korea Gas Corporation 10% and GAIL (India) Ltd 10%.

The Best Estimates Gas volume (Gas Initially In Place) certified by GCA - the consulting firm for the Shwe, Shwe Phyu and Mya gas fields - are 3.4 TCF, 0.5 TCF & 1.8 TCF respectively, totaling to 5.7 TCF. The High Estimates Gas volume (Gas Initially In Place) for the Shwe, Shwe Phyu and Mya gas fields are 5.4 TCF, 1.2 TCF & 3.4 TCF respectively, totaling to 10 TCF.

The Best Estimates (P50) of Contingent Gas Resources (Recoverable Reserve) of Shwe, Shwe Phyu and Mya are 2.9 TCF, 0.4 TCF and 1.5 TCF respectively, totaling to 4.8 TCF. The High Estimates (P10) of Contingent Gas Resources (Recoverable Reserve) of Shwe, Shwe Phyu and Mya are 4.7 TCF, 0.9 TCF and 3.0 TCF respectively, totaling to 8.6 TCF.

The Shwe and Shwe Phyu field appraisal has been completed by the consortium in May 2006.The Consortium has further announced that they will drill two appraisal wells in Mya discovery and in addition to it, they have identified two more prospects in Block A-3 where they plan to drill one or two exploratory wells in 2007.

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