Reliance signs PSC for Myanmar blocks

Reliance Industries Ltd. (RIL) has taken on 96% interest in a production-sharing contract as operator of Blocks M17 and M18 off Myanmar. Both offshore blocks encompass 27,600 sq km in up to 3,000 ft of water in the Moattama basin. RIL won two out of three bids, the company said.

United National Resources Development Services Co. Ltd., a Myanmar company, will hold the remaining interest in the block.

Myanmar’s Ministry of Energy and state-owned Myanmar Oil & Gas Enterprise (MOGE) last year announced a complete list of awards from its 2013 bidding round (OGJ Online, Mar. 26, 2014). Myanmar’s energy ministry awarded 10 shallow-water blocks and 10 deepwater blocks.  

Myanmar resources are estimated at 50 million bbl of oil and 283.3 billion cu m of natural gas, and the country has seen very limited exploration.

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