India acquires three deepsea blocks in Gulf of Martaban

Singapore, Aug 23 (UNI) India is venturing into the Southeast Asian region with another wave of investment in oil and gas exploration, taking on three deepsea blocks in the Gulf of Martaban.

The three deepsea block investment, one of the biggest oil and gas exploitation by India's Oil and Natural Gas Corporation (ONGC), puts India in a firmer position with the energy sector of the Association of Southeast Asian (ASEAN) region.

Ministry of Petroleum and Natural Gas Secretary M S Srinivasan, who is attending the ASEAN Energy Ministers' meeting in Singapore today, confirmed that ONGC Videsh Ltd (OVL) was set to sign the three Myanmar blocks in the near future.

The Indian Petroleum and Natural Gas Minister Murli Deora will lead a delegation to sign the OVL Production Sharing contracts in Yangon soon, he said.

''We are working a date to sign the contracts,'' Mr Srinivasan told UNI on the sidelines of the ASEAN Energy Ministers Meeting in Singapore.

India is already a major participant in ASEAN oil and gas exploration, with a number of blocks in Myanmar and off the coast of Vietnam.

He said India also has the expertise in the compressed natural gas for transportation and biofuel sectors to contribute to the ASEAN energy initiatives.

Likewise, India expects to benefits from the regions and its other partners, including Japan and South Korea, on energy efficiencies and conservation.

Mr Srinivasan led the delegation to India's first participation in the East Asia Summit Energy Ministers Meeting.

UNI