GAIL acquires stake in A7 Myanmar block
By Our Corporate Bureau | 08 Dec 2006
GAIL has announced that it has acquired a stake in Block A-7 in Myanmar. As consortium partner along with Silver Wave Energy, GAIL had signed the production-sharing contract with Myanmar Oil and Gas Enterprise on 6 December, 2006, for Block A-7 located in Rakhine Offshore Area, Myanmar.
GAIL will hold a smaller 30 per cent participating interest in the production, with Silver Wave holding the remaining 70 per cent.
With the participation stake in Block A-7 in Myanmar, the Indian company now holds a participating interest in 17 exploration blocks, along with national and international consortium partners. Of these, 7 are on-land blocks and 10 are offshore blocks. There are 13 blocks in India located in basins such as Mahanadi, Bengal, Gujarat-Saurashtra, Mumbai, Cambay, Assam-Akaran and Cauvery.
In addition to the A-7 block, GAIL also has a stake in the A-1 and A-3 blocks in Myanmar and Block no 56 in Oman.
The Silver Wave Energy-GAIL consortium has also won three blocks in the latest round of bidding for CBM blocks in the country.
