The Myanmar government has approved Gail (India)'s proposal of acquiring 10 per cent equity stake in the A-3 oil and gas block in Myanmar.

Gail will buy equity stake from Daewoo International Corporation of South Korea that is the operator of the field. Gail even signed an agreement to acquire the equity stake in October 2005, but the formal approval from the Myanmar government was pending.

The A-3 block measuring 6780 sq km is located next to the A-1 block where Gail has an equity stake and where commercial discoveries have already been made.

ProjectsToday adds:

ONGC Videsh would also have 20 per cent stake in the A-3 block. Along with Gail, OVL's proposal is also likely to have received approval, although no confirmation is yet available. Gail, it may be mentioned has recently received expressions of interest for transportation of gas from the A-1 block to the east coast of India.

Also See:

Myanmar A-3 gas block: OVL, GAIL acquire Daewoo's stake (04-Oct-05)

Eight respond to Gail's CNG transportation offer (28-Mar-06)