Indian Economy News

RIL signs deals for two offshore oil, gas blocks in Myanmar

New Delhi: India’s largest private sector company Reliance Industries Ltd (RIL) and Myanma Oil & Gas Enterprise (MOGE), a state-owned enterprise of Myanmar, on Tuesday signed production-sharing contracts for two offshore blocks.

RIL won both the blocks after its bids in Myanmar Offshore Block Bidding Round — 2013 were declared successful by Myanmar’s energy ministry.

RIL will be the operator of the blocks with a 96% participating interest. United National Resources Development Services Co Ltd (UNRD), a Myanmar company, will hold the remaining interest.

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

“RIL’s participation is in line with its strategy to expand its global asset base by investing in internationally attractive oil and gas destinations. The company in this way will leverage its organisational capabilities and expertise to create value for the exploration and production segment,” a company statement said.

According to regulations, RIL will get a six- month preparation period and another year as study period before beginning actual exploration.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.