GAIL buys 30% in Myanmar block

The Times of india, New Delhi


State-owned gas utility GAIL has acquired stake in Block A-7 in Myanmar. The company, as consortium partner along with Silver Wave Energy, has signed the production sharing contract with Myanmar Oil and Gas Enterprise on December 6 for the block located in Rakhine offshore area of Myanmar. GAIL will hold 30% participating interest, the remaining 70% will be with Silver Wave Energy. GAIL now holds a participating interest in 17 exploration blocks, along with national and international consortium partners. Of these, seven are onland blocks and 10 are offshore blocks. GAIL has also got stake in the A-1 and A-3 blocks in Myanmar and Block 56 in Oman. It is now in talks with the Myanmar government to figure out a way of bringing gas from the existing fields in Myanmar to India. There are two options being examined. The first option is a pipeline through the northeast and the second is as LNG (liquefied natural gas). In India, there are 13 blocks which are in basins such as Mahanadi, Bengal, Gujarat Saurashtra, Mumbai, Cambay, Assam-Akaran and Cauvery. GAIL consortium has also won three blocks in the latest round of bidding for CBM blocks in the country.