Monday, August 21 2006 16:27 Hrs (IST) - World Time -

New Delhi: ONGC Videsh Ltd (OVL) and its partners in Blocks A-1 and A-3 in Myanmar offshore, have announced the recoverage reserves from three fields.

The Best estimate of in-place reserves certified by Gaffney, Cline and Associates for Shwe, Shwe Phyu and Mya gas fields are 3.4 trillion cubic feet, 0.5 tcf and 1.8 tcf respectively, totaling to 5.7 tcf, a company press release said here.

The High Estimates Gas volume (gas initially in-place) for the Shwe, Shwe Phyu and Mya gas fields are 5.4 tcf, 1.2 tcf and 3.4 tcf respectively, totaling to 10 tcf.

Recoverable reserves of Shwe, Shwe Phyu and Mya are 2.9 tcf, 0.4 tcf and 1.5 tcf respectively, totaling to 4.8 tcf. The High Estimates of Contingent Gas Resources (Recoverable Reserve) of Shwe, Shwe Phyu and Mya are 4.7 tcf, 0.9 tcf and 3.0 tcf respectively, totaling to 8.6 tcf.

OVL holds 20 per cent stake in the two blocks. The other consortium partners in the blocks are Daewoo International Corporation 60 per cent (Operator), Korea Gas Corporation 10 per cent and GAIL (India) Ltd 10 per cent.

"The Shwe and Shwe Phyu field appraisal has been completed by the consortium in May. The consortium has further announced that they will drill two appraisal wells in Mya discovery and in addition to it, they have identified two more prospects in Block A-3 where they plan to drill one or two exploratory wells in 2007," the release added.