RIL wins two oil blocks in Myanmar

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SME Times News Bureau | 01 Apr, 2015
Mukesh Ambani-led Reliance Industries Ltd on Tuesday said it has been awarded two offshore blocks for exploration of oil and gas in Myanmar.

Myanmar had invited bids from international companies for discovery of oil and gas, in response to which it had received bids from 36 multinational companies.

"Reliance Industries Ltd and Myanmar Oil & Gas Enterprise (MOGE), an enterprise of the Government of Myanmar, have signed production-sharing contracts for two offshore blocks (M17 and M18)," the company said in a statement.

"RIL won both the offshore blocks after its bids in Myanmar Offshore Block Bidding Round - 2013 were declared successful by the ministry of energy of the Republic of the Union of Myanmar," the statement added.

RIL will be the operator of the blocks with a 96 percent participating interest. Myanmar's United National Resources Development Services Co will hold the remaining interest in the block, RIL said.

Both the blocks are located offshore in the Tanintharyi basin of Myanmar in water depths up to 3,000 feet and together encompass total area of 27,600 sq km.