The Ministry of Energy (MOE) of the Republic of the Myanmar selected Reliance Industries (RIL) for two offshore blocks (M17 and M18) in Myanmar Offshore Block Bidding Round 2013. Both the blocks are located offshore in the Moattama basin of Myanmar in water depths up to 3,000 ft and together encompass an area of 27,600 sq km.
As per the process, RIL or its affiliates will enter into production sharing contracts (PSC) for the above-mentioned 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 port-¡folio rationalisation by expanding its international asset base by investing in regimes having attractive internationally competitive terms on offer. The company thus hopes to leverage its organisational capabilities and expertise to create value for the E&P segment.