The ministry of energy (MOE) of the Republic of the Union of Myanmar has 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 upto 3,000 ft and together encompass an area of 27,600 sq. kms.
 
The 2013 offshore blocks bidding round saw participation from global E&P players. In all 36 companies submitted 64 proposals for the 30 offshore blocks on offer. RIL had submitted proposals for three offshore blocks.
 
As per the process, RIL or its affiliates will enter into Production Sharing Contracts (PSC) for the aforementioned offshore blocks. The PSC allows for an initial preparation and study periods before committing into Phase 1 of Exploration period.
 
Commenting on the development, the company said, "RIL's participation is in line with its strategy of portfolio rationalization by expanding its international asset base by investing in regimes having attractive internationally competitive terms on offer. The company thus hopes to leverage its organizational capabilities and expertise to create value for the E&P segment."

Shares of the company gained Rs 11.55, or 1.31%, to trade at Rs 890.20. The total volume of shares traded was 368,133 at the BSE (Wednesday).