Reliance Industries Limited has been awarded two contracts for exploration of oil & gas in Myanmar. Myanmar had invited bids from international companies for discovery of oil and gas. A total of 64 bids were received from 36 multinational companies. Reliance has been allotted two exploratory blocks facing tough competition from international oil & gas super majors. Both these blocks are located offshore Myanmar and are spread across an area of 27,600 sq. km. Reliance had submitted proposals for three blocks out of which it was successful in two.
The bids were awarded based on the expertise and willingness of companies to invest required money for discovery of oil and gas and carrying out proposed work programme. Reliance will now sign a Production Sharing Contract with the Myanmar government which will provide for the profit sharing mechanism between government and Reliance.
For the past few years, Reliance is focused on expanding its oil & gas business internationally. RIL’s participation in Myanmar’s oil and gas discovery is in line with this strategy.
Myanmar is one of the oldest oil producing nations. Reliance has achieved excellence in oil & gas exploration work and it has developed expertise about the geology of the east coast of India. The KG-D6 field is acknowledged as one of its kind technological achievement in the oil & gas sector. Reliance will leverage its engineering and geological expertise to discover oil & gas in Myanmar.