Offshore staff
DEHRADUM, India -- ONGC Videsh Ltd. (OVL), along with other consortium partners in blocks A-1 and A-3 offshore Myanmar, have completed and appraised the original gas-in-place and recoverable reserves of the Shwe, Shwe Phyu, and Mya fields based on an independent assessment/certification done by Gaffney, Cline & Associates (GCA), Singapore.
OVL has a 20% participating interest in these blocks while the other consortium partner interests' distribution are: Daewoo International Corp. 60% (operator), Korea Gas Corp. 10%, and GAIL (India) Ltd. 10%.
OVL's best estimates of gas initially in place as certified by GCA for the Shwe, Shwe Phyu, and Mya gas fields, are 3.4 tcf, 0.5 tcf, and 1.8 tcf, respectively, totaling 5.7 tcf. The high estimates of 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 10 tcf.
OVL's best estimates (P50) of recoverable reserve 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 (P10) of recoverable reserves in the three fields are 4.7 tcf, 0.9 tcf, and 3.0 tcf, respectively, totaling to 8.6 tcf.
The company's field appraisals of Shwe and Shwe Phyu were completed by the consortium in May 2006. The consortium will drill two appraisal wells in Mya field and have identified two more prospects in block A-3 where it plans to drill one or two exploratory wells in 2007.
8/21/06
