Reliance Industries Ltd (RIL) has signed production sharing contracts (PSC) with Myanma Oil & Gas Enterprise (MOGE), the Government of Myanmar enterprise, for two offshore blocks (M17 and M18) in Myanmar. In 2013, RIL had won the offshore blocks through bidding. RIL will be the operator of the blocks with a 96 per cent participating interest while United National Resources Development Services Co. Ltd. (UNRD), a Myanmar company, will hold the remaining interest in the block.
Both blocks are located offshore in the Tanintharyi basin of Myanmar in water depths up to 3,000 ft. and together encompass total area of 27,600 sq. km. “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,” RIL said in a statement.
