GAIL acquires stake in A7 Myanmar block

Gail India Ltd has announced that the Company has acquired stake in Block A-7 in Myanmar. The Company as consortium partner along with Silver Wave Energy has signed the Production Sharing Contract with Myanmar Oil and Gas Enterprise on December 06, 2006 for Block A-7 located in Rakhine offshore Area, Myanmar. The Company shall hold 30 percent participating interest whereas rest 70 percent shall be with Silver Wave Energy.

The 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. In India there are 13 blocks which are in Basins such as Mahanadi, Bengal, Gujarat—Saurashtra, Mumbai, Cambay, Assam-Akaran and Cauvery. Furthermore, 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.

Source : Equity Bulls

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