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ONGC is to lend Rs. 40 billion ($857 million) to its overseas unit investing in a gas project off Myanmar’s coast in an effort to meet rising fuel demand at home. In the face of China’s aggressive plans to invest at least $16 billion on oil and gas fields in Africa, ONGC bought Imperial Energy Plc for 1.4 billion pounds ($2.2 billion) in 2009 to gain access to oilfields in Russia.
ONGC has a 17 percent stake in the Shwe, Shwe-Phu and Mya areas in the A-1 and A-3 blocks in Myanmar, estimated to hold between 4.5 trillion and 7.7 trillion cubic feet of natural gas. Daewoo International Corp. owns 51 percent, Myanmar Oil & Gas Enterprise holds a 15 percent share, while GAIL India Ltd. and Korea Gas Corp. have 8.5 percent each. The venture plans to start deliveries in May 2013.1
- 1. ‘ONGC to lend $857 million to unit for Myanmar project’, Asia Energy, December 30, 2009 at http://asianenergy.blogspot.com/search?updated-min=2009-01-01T00%3A00%3A...