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INDIAN OIL FIRMS LOSE EQUITY IN TWO MYANMAR GAS FIELD BLOCKS.
MADRID, July 1 Asia Pulse - India's Oil and Natural Gas Corp (BSE:500312) and GAIL (India) Ltd's (BSE:532155) equity in two gas rich offshore blocks in Myanmar have been cut following Myanmar's national oil company exercising its 'step-in' rights in the fields, gas from which will be sold to China.
Oil and Natural Gas Corp (ONGC) had 20 per cent stake and GAIL 10 per cent stake in A-1 and A-3 offshore blocks, where independently certified reserves are put at 4.53 trillion cubic feet.
South Korean trading company Daewoo International Corp was the operator with 60 per cent stake and Korean Gas Corp (KOGAS) had the remaining 10 per cent.
However, as per the production sharing contract for the field, Myanmar Oil and Gas Enterprise (MOGE) had a 'step-in' right to take 15 per cent stake once discoveries are made.
"We have entered the development phase and MOGE has exercised its 'step-in' right. Subsequent to that, the ...
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