Oil India signs contract for two oil blocks in Myanmar.

Oil India Ltd., the second largest state explorer, has signed contract for two offshore oil and gas blocks it had bagged in Myanmar.

OIL along with its consortium partners signed Production Sharing Contract (PSC) with Myanma Oil and Gas Enterprise (MOGE) for two offshore blocks M4 and YEB at Nay Pyi Taw, the company said in a statement recently.

OIL-led consortium won these blocks under Myanmar offshore bidding round 2013 which was launched on April 11, last year.

A total of 30 blocks (11 shallow water and 19 deepsea) were put on offer in this bidding round. OIL and partners bid for three offshore blocks M-4, M-8 and YEB and won two of them.

OIL is the operator with 60 per cent interest in both the blocks. Other consortium partners are Mercator Petroleum Ltd. (25 per cent), Oilmax Energy Pvt Ltd. (10 per cent), and Oil Star Management Services Co Ltd. (a local company of Myanmar with 5 per cent stake).

ET