ONGC, MOGE sign three accords

New Delhi, September 24:

India has pledged to invest $150 million for gas exploration in Myanmar, a statement here said today, as pro-democracy protests in its military-ruled neighbour swelled to 100,000 people.

Indian oil minister Murli Deora witnessed the signing of three accords between state-run Oil and Natural Gas Corp (ONGC) and the state-run Myanmar Oil and Gas Enterprise (MOGE) yesterday at Nay Pyi Taw, the administrative capital of Myanmar, the ONGC statement said.

The accords come amid some of the strongest dissent against the ruling generals in nearly two decades in Myanmar.

New Delhi has not yet commented on the protests that today attracted more than 100,000 people in Yangon, Myanmar’s biggest city.

Deora’s visit also comes a fortnight after the US and Indonesia called on China and India to use their clout to press Myanmar’s military junta to improve its human rights record.

Myanmar, which borders China and India, possesses significant untapped natural gas reserves off its western coast.

Energy-hungry India and China, besides other Asian countries, have been jockeying for a share of Myanmar’s vast energy resources — weakening US and European economic sanctions.

The agreements signed by India allow ONGC’s overseas investment arm, ONGC Videsh Ltd to explore for gas in three deep-water exploration blocks, the AD-2, AD-3 and AD-9, off

the Rakhine Coast, the press release stated.

“The investment of ONGC Videsh on account of minimum work commitment in the blocks is slated to be about $150 million,” the statement said.

“The blocks have been awarded to OVL on the basis of mutual understanding and cooperation between India and Myanmar in the hydrocarbon sector. All the three blocks have good hydrocarbon potential.”

“Upon discovery of oil and gas, development and production operations shall spread over a period of 20 years,” it added.

India, which is battling a myriad of insurgencies in its northeastern region bordering Myanmar, has cited security concerns for engaging the military regime.