OVL TO EARN Rs. 288 CRORE FROM VIETNAM
PROJECT IN 2004-05
Shri Santosh Gangwar,
Minister of State for Petroleum & Natural Gas informed the
Rajya Sabha in a written reply today that ONGC Videsh Limited
(OVL) has developed Vietnam’s largest gas fields Lan Tay and Lan
Do in Block 6.1. The estimated combined recoverable gas reserve
of both these fields is about 58 billion cubic metres (BCM). Shri
Gangwar informed the House that OVL expects a gross revenue of
about US$ 60 million from the project from 2004-05 onwards which
is equivalent to Rs. 288 crore, approximately.
The Minister added
that OVL has developed this project in partnership with British
Petroleum and Petrovietnam. The three partners hold 45%, 35% and
20% participating interest in the project respectively.
OVL also has participating
interest in Iran (Farsi Offshore), Iraq (Block-8) and Myanmar
(Block-A1). Shri Gangwar clarified that no reserves have been
established in these blocks as of today as they are in the exploration
stage.
