The Ministry of Energy (MOE) of the Republic of the Union of Myanmar yesterday selected Reliance Industries Ltd. (RIL) for two offshore blocks (M17 and M18) in Myanmar Offshore Block Bidding Round – 2013.
As per the process, RIL or its affiliates will enter into Production Sharing Contracts (PSC) for the aforementioned offshore blocks. The PSC allows for an initial preparation and
study periods before committing into Phase 1 of Exploration period.“RIL’s participation is in line with its strategy of portfolio rationalization by expanding its international asset base by investing in regimes having attractive internationally
competitive terms on offer. The company thus hopes to leverage its organizational capabilities and expertise to create value for the E&P segment,” Reliance said in a press release.