Eni, Reliance ink PSCs for exploration offshore Myanmar

3/31/2015

NAY PYI TAW, Myanmar -- Eni has signed two production sharing contracts (PSCs) for Blocks MD-02 and MD-04, offshore Myanmar. This is a joint venture is between Eni, the operator with an 80% participating interest through Eni Myanmar B.V, and Petrovietnam Exploration Production Corporation, with a 20% interest.

In a related development, India's Reliance Industries (RIL) and Myanma Oil & Gas Enterprise (MOGE), an enterprise of the Government of Myanmar, have signed production sharing contracts for two offshore blocks (M17 and M18).

Eni's Block MD-02 is in the southern part of the Bay of Bengal, in the Rakhine basin, approximately 135 km from the coast, west of Yadana field, the major offshore discovery in Myanmar. The block covers an area of 10,330 km2 with water depths ranging from 500–2,400 m.

Block MD-04 is in the Moattama-South Andaman basin, approximately 230 km from the coast, west of Yetagun gas field. The block covers an area of 5,900 km2 with water depths ranging from 1,5002,200 m.

The contracts for the two blocks foresee a study period of two years, followed by an exploration period of six years, subdivided in 3 phases.

RIL will be the operator of its blocks with a 96% participating interest. United National Resources Development Services Co. Ltd. (UNRD), a Myanmar company, will hold the remaining interest in the block. Both the blocks are located offshore in the Tanintharyi basin of Myanmar in water depths to 1,000 m. and together encompass total area of 27,600 km2.

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