PGS wins 3D contract from Essar in Myanmar

Vol 10, PW 18 (11 Jan 07) News in Brief

PGS Reservoir has won a contract to shoot 825-sq km 3D for Essar Oil at its 2060-sq km A2 offshore exploration block in the Rakhine basin in Myanmar.

PETROWATCH learns Essar awarded the contract to PGS in the second week of December and that the acquisition programme will begin by the end of this month. No details are available about which boat PGS will use but we understand the survey will be acquired using six streamers and completed in six weeks.

Unverified market whispers indicate Essar has agreed a price in excess of $10m for the survey, including mobilisation and de-mobilisation charges. Essar is talking to a Chinese company about a seismic survey for its onland 9750-sq km Block L in Myanmar, which runs contiguous to offshore block A2.

Essar signed PSCs for both blocks in Yangon with Myanma Oil and Gas Enterprise on 6th May 2005 and is in the first year of a three-year work programme at A2, which commits it to one well.