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India Firms to Bid for Myanmar Oil, Gas Blocks

Three state-run Indian companies--ONGC Videsh Ltd., Indian Oil Corp. (530965.BY) and GAIL (India) Ltd. (532155.BY)--will bid for eight oil and gas blocks in Myanmar, Oil Minister M. Veerappa Moily said Friday.The move is part of India's plans to acquire oil and gas assets overseas to meet the energy-hungry nation's growing demand, the minister told reporters. The country meets about three-fourths of its energy requirements through imports and it wants to reduce its dependence on overseas suppliers to half in the next seven years. The three companies could bid jointly or separately, Mr. Moily said. They will be competing with Chinese and other overseas firms in Myanmar, he added.The minister's comments come as the window closes later Friday to take part in a tender for 30 unexplored oil and gas blocks off the coast of Myanmar.Oil companies such as BP PLC, Woodside Petroleum Ltd., Royal Dutch Shell PLC, Total SA and Chevron Corp. have expressed interest in Myanmar's promising waters that...

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