OVL-GAIL eye Daewoo stake in Myanmar gas block

ONGC Videsh-Gail India consortium, which holds 30 per cent interest in the recently-discovered gas field in offshore Myanmar, is eyeing 50 per cent stake of South Korean Daewoo International in an adjacent gas block. A team of senior officials from Gail and OVL visited Yangon earlier this week to persuade the Myanmar government to allocate them half of Daewoo8217;s 100 per cent holding in the A-3 block, which was recently awarded to the South Korean firm. Block A-3 is adjacent to block A-1, where Daewoo-OVL-Gail consortium had made the shew gold discovery that had initial estimated recoverable reserves of between 4 trillion and 6 trillion cubic feet of gas and expect to find a further 7-12 TCF.

8216;8216;We are keen on a stake in A-3 block as gas from the two blocks can be tied to make transporting it in the form of liquefied natural gas LNG by ships to India economically attractive,8217;8217; senior government officials said. New Delhi is considering liquefying natural gas found in Myanmar at 160 degrees and then shipping it in special tankers as it received lukewarm response from Dhaka to an earlier proposal.

Yangon has not yet responded on the matter.