RIL, OIL bag two blocks each in Myanmar
NEW DELHI: Reliance Industries on Wednesday won two offshore exploration blocks in Myanmar, a development company sources said indicated a renewed overseas focus as its domestic exploration business continued to face rough weather over performance of showcase KG-D6 field and pricing of gas.
"RIL's participation is in line with its strategy of... 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 (exploration and production) segment," the company said, announcing the Myanmar auction results.
State-run Oil India also won two concessions in Myanmar's latest round of exploration block auctions, the results of which were announced on Wednesday. Both Reliance and Oil India had separately bid for three blocks each. ONGC Videsh and gas utility GAIL, which have stake in two producing fields in that country, drew a blank. Reliance would be the fourth Indian company and second private firm to foray into Myanmar. The result could be seen as the proverbial silver lining for Reliance, since it comes a day after the Election Commission put on hold the government's June 2013 decision to usher in a new pricing regime from April 1. The new policy would have doubled the price for all domestic producers, including state-run companies.
The blocks given to Reliance have been identified as M17 and M18 in Moattama basin of Myanmar in water depths of up to 3,000 ft, called shallow water in industry parlance. Together, the two blocks encompass an area of 27,600 sq km. Oil India has won the YEB and M-14 blocks, also in shallow water.
Oil India bid in consortium of with Mercator Petroleum and Oilmax Energy. In all, 36 companies submitted 64 proposals for the 30 offshore blocks on offer.
International players Royal Dutch Shell, Chevron, Statoil and BG picked up most of the blocks on offer.
"RIL's participation is in line with its strategy of... 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 (exploration and production) segment," the company said, announcing the Myanmar auction results.
State-run Oil India also won two concessions in Myanmar's latest round of exploration block auctions, the results of which were announced on Wednesday. Both Reliance and Oil India had separately bid for three blocks each. ONGC Videsh and gas utility GAIL, which have stake in two producing fields in that country, drew a blank. Reliance would be the fourth Indian company and second private firm to foray into Myanmar. The result could be seen as the proverbial silver lining for Reliance, since it comes a day after the Election Commission put on hold the government's June 2013 decision to usher in a new pricing regime from April 1. The new policy would have doubled the price for all domestic producers, including state-run companies.
The blocks given to Reliance have been identified as M17 and M18 in Moattama basin of Myanmar in water depths of up to 3,000 ft, called shallow water in industry parlance. Together, the two blocks encompass an area of 27,600 sq km. Oil India has won the YEB and M-14 blocks, also in shallow water.
Oil India bid in consortium of with Mercator Petroleum and Oilmax Energy. In all, 36 companies submitted 64 proposals for the 30 offshore blocks on offer.
International players Royal Dutch Shell, Chevron, Statoil and BG picked up most of the blocks on offer.
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