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| At least six Indian entities are participating in bidding process for blocks. Myanmar announced the bidding round in January for 30 blocks. |
NEW DELHI: The Indian government wants private and state companies to adopt a coordinated approach in bidding for oil and gas blocks in neighbouring Myanmar so that the country can secure energy resources in the strategically important region, which is also on the radar of Chinese firms.
At least six Indian entities are participating in bidding process for 19 deepwater and 11 shallow blocks in Myanmar. Myanmar announced the bidding round in January for 30 blocks. Interested companies have to submit their expression of interests by the middle of next month.
Last week, the ministry of petroleum and natural gas called executives of Cairn IndiaBSE -0.25 %, Jubilant Oil and Gas, Prize Petroleum Company of HPCLBSE 1.52 % and Gujarat Natural ResourcesBSE 1.21 % 'to discuss issues relating to India's participation in the bidding round in Myanmar offshore areas'.
An oil company executive close to the developments said the ministry has conveyed potential Indian bidders to bid in cohesive manner in view of international competition.
"China is biggest investor in Myanmar's energy sector and the government don't want to miss securing energy resources in the neighbouring country for strategic reasons," said the executive.
India and China have competed for oil and gas assets in many parts of the world as both countries have a huge energy demand, which is projected to grow rapidly in step with economic expansion in the two most populous nations in the world.
Oil India and ONGC Videsh Limited too are eyeing blocks in the region. Almost 60 oil exploration and production companies from Australia, India, Canada, Indonesia, UK, China, Malaysia and Pakistan are participating in the bids.
Many of them have already started scouting for local partner for shallow water blocks, as mandated by Myanmar. Following interests expressed by likes of Petronas, Total, Mitsui, Korea Gas, Esso Exploration, Myanmar ministry of energy has made it clear that it will not negotiate its terms and conditions. According to the bidding terms, bidders are not allowed to bid for more than three blocks.
Credit & Copy From; http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/put-joint-effort-for-myanmar-oil-blocks-govt-to-private-cos-psus/articleshow/20078528.cms
