India’s largest private sector company, Reliance Industries Ltd (RIL), and Myanmar Oil and Gas Enterprise (MOGE), an enterprise of the Myanmar government, have signed production sharing contracts for two offshore blocks.

Both the blocks are located offshore in the Tanintharyi basin of Myanmar in water depths up to 3000 ft. and together encompass total area of 27,600 sq. km.

RIL won the blocks after its bids in Myanmar Offshore Block Bidding Round—2013 were declared successful by the ministry of energy of Myanmar, the company said in a statement.

“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 (exploration and production) segment," it said.

RIL will be the operator of the blocks with a 96% participating interest.

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

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