Essar Oil Ltd has signed a production sharing (PS) contract with the Government of Myanmar on May 7, 2005 for exploration of oil exploration in one onshore and one offshore block.According to a release issued by the company to the BSE today, Essar Oil is the first Indian private sector company to sign an agreement in this area in Myanmar."The company's bid for the two contiguous exploration blocks in offshore (Block A2) area and adjoining on land area (Block L) was made after detailed examination of geo-scientific data at MOGE office in January 2005," the release added.The blocks are ideally located between proven gas blocks and aligned along the regional corridor of gas discoveries south of Bangladesh southwards including the highly productive Sangu Gas field in Bangladesh, the release said.
