Reliance signs PSCs for Myanmar acreage
- Business & Finance
Reliance Industries Ltd (RIL) and Myanma Oil & Gas Enterprise (MOGE), an enterprise of the Government of Myanmar, have signed production sharing contracts for two offshore blocks (M17 and M18).
The Ministry of Energy (MOE) of the Republic of the Union of Myanmar awarded the blocks to the company in March 2014.
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.
Both blocks are located offshore in the Tanintharyi basin offshore Myanmar in water depths up to 3000 ft. and together encompass total area of 27,600 sq. kms.
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 said in the press release.