ONGC’s overseas arm signs PSCs for two Onland Exploration Blocks in Myanmar

Oil and Natural Gas Corporation’s (ONGC) - overseas arm - ONGC Videsh (OVL) has signed a Production Sharing Contracts (PSCs) for two onland exploration blocks B-2 & EP-3 in Myanmar on August 08, 2014. The PSCs were signed at Nay Pyi Taw, Myanmar byDirector (Exploration), ONGC Videsh, Managing Director of Machinery & Solutions Company (M&S), local partner, and Managing Director of Myanmar Oil & Gas Enterprises (MOGE), National Oil Company of Myanmar.

ONGC Videsh participated in the Myanmar Onland Bidding Round 2013, launched by Myanmar Government during January 2013 and was awarded two onshore blocks namely B2 and EP-3 on October 10, 2013. ONGC Videsh already had presence in Myanmar as Partner in A-1 & A-3 offshore blocks and Shwe Gas pipeline. The production of first Gas from this project started in July, 2013.

ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.