Reliance Signs Production Sharing Contracts for Two (2) Offshore Blocks in Myanmar

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).

RIL won both the offshore blocks after its bids in Myanmar Offshore Block Bidding Round – 2013 were declared successful by The Ministry of Energy (MOE) of the Republic of the Union of Myanmar.

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 the blocks are located offshore in the Tanintharyi basin of Myanmar in water depths upto 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 in this way will leverage its organizational capabilities and expertise to create value for the E&P segment.

About RIL

Reliance Industries Limited (RIL) is India’s largest private sector company, with a consolidated turnover of `4,46,339 crore (US$ 74.5 billion), cash profit of ` 33,980 crore (US$ 5.7 billion) and net profit of ` 22,493 crore (US$ 3.8 billion) for the year ended March 31, 2014.

RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ and continues to be featured for the 11th consecutive year, currently ranking 114th in terms of revenues and 155th in terms of profits. RIL ranks 194th in the Financial Times’ FT Global 500 2014 list of the world’s largest companies. As per Newsweek’s Green Rankings 2014, RIL is India’s greenest and most environment-friendly company, ranking 185th among the world’s largest 500 companies.