Oil and Natural Gas Corp (ONGC) Videsh will make an investment of nearly $174 million in gas blocks A-1 and A-3 of Myanmar’s Natural Gas Development Project. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs presided over by PM Dr. Singh.

The two companies that will benefit from the award of contract are OVL and GAIL India, state-owned firms under the petroleum and natural gas ministry. The investment is expected to provide additional reserve accretion of hydrocarbons and facilitate production and marketing of natural gas.1

• 1. “ONGC to invest $174 mn in Myanmar's hydrocarbon assets,” Asiaenergy, October 30, 2009, at http://asianenergy.blogspot.com/2009/10/ongc-to-invest-174-mn-in-myanmar...