Indian-Burmese oil production sharing contract agreed

Indian-owned Reliance Industries Ltd (RIL) has finalised production sharing agreements with the Burmese government’s Myanma Oil & Gas Enterprise (MOGE). RIL won their bid for the M17 and M18 blocks in 2013, and it is now agreed that they will operate the blocks with a 96 per cent participation interest. A second Burmese company, United National Resources Development Services, assume the remaining 4 percent interest, according to India media reports.