Millennium Post

RIL inks pact for two Myanmar offshore oil & gas blocks

Reliance Industries on Tuesday signed contracts for two offshore oil and gas exploration blocks in Myanmar. “RIL and Myanma Oil & Gas Enterprise (MOGE), an enterprise of the Government of Myanmar, signed production sharing contracts for two offshore blocks (M17 and M18),” the company said in a statement here.

The billionaire Mukesh Ambani-run firm had won the blocks after in Myanmar Offshore Block Bidding Round-2013.

“RIL will be the operator of the blocks with a 96 per cent participating interest. United National Resources Development Services Co. Ltd. (UNRD), a Myanmar company, will hold the remaining interest in the block,” it said.

Both the blocks are located offshore in the Tanintharyi basin of Myanmar in water depths upto 3000 feet and together encompass total area of 27,600 square kilometers.

“RIL’s participation is in line with its strategy to expand its international asset base by investing in internationally attractive oil and gas destinations.”

“The company in this way will leverage its organizational capabilities and expertise to create value for the E&P segment,” the statement said.
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