GAIL acquires 30 pc stake in A7 Myanmar block

Mumbai, Dec 8 (UNI) State-owned pipeline major, Gail India has acquired a 30 per cent stake in Block A-7 in Myanmar as consortium partner with Silver Wave Energy.

GAIL has signed the Production Sharing Contract with Myanmar Oil and Gas Enterprise on Wednesday last for Block A-7 located in Rakhine offshore Area, Myanmar, the company said in a statement issued today. Accordingly, the company shall hold 30 per cent participating interest whereas the remaining 70 percent shall be with Silver Wave Energy, it added.

The company now holds a participating interest in 17 exploration blocks, along with national and international consortium partners, Of these, seven are on-land blocks and 10 are offshore blocks. In India there are 13 blocks which are in Basins such as Mahanadi, Bengal, Gujarat(Saurashtra), Mumbai, Cambay, Assam-Akaran and Cauvery.

The company has also got stake in the A-1 and A-3 blocks in Myanmar and Block No 56 in Oman.

The company consortium has also won three blocks in the latest round of bidding for CBM blocks in the country.

UNI SN GB VKG1656