ONGC Videsh, Daewoo Ink Deal to Explore for Gas in Myanmar

ONGC Videsh and Daewoo International of Korea on Tuesday signed an MoU to jointly explore gas in Block A-3 of Myanmar. Geological and seismic data for the block is in progress and new seismic data will be acquired next year, an ONGC release said here. Daewoo, OVL and Gail are partners in the adjacent offshore block A-1 where 4-6 tcf of gas was discovered in January this year, it said. "This is the second exploration joint venture between OVL and Daewoo and with this project the gas potential would contribute to shared prosperity. The two companies also plan to expand their super grid working in other E&P ventures in future," OVL Chairman Subir Raha said.

The MoU was signed by Daewoo International Executive Vice President C M Rim and OVL Executive Director V Ravindranath, the release said.