Three Indian firms sign oil exploration deals
Three Indian companies inked production sharing contracts (PSC)on offshore oil and natural gas exporation in Naypyitaw last week. Mercator Petroleum Ltd, in consortium with Oil India Limited, OilMax Energy Pvt Ltd and local firm Oil Star Management Service Co Ltd, entered into agreements with Myanma Oil & Gas Enterprise for Block M-4 (Moattama Offshore Area) and Block YEB (Tanintharyi Offshore Area). Both the blocks are in shallow waters with a vast area wherein Block M-4 covers approx 10,380 sq km and Block YEB covers 21,297 sq km. The companies will spend $120.9 million in one year observation period and six months exploration period for the two blocks.