RIL exits Myanmar blocks, gives up last conventional oil & gas asset abroad

Mukesh Ambani-led Reliance Industries Ltd (RIL) has exited its last overseas conventional oil and gas assets by relinquishing two blocks in Myanmar.

However, the company still holds its interest in two shale gas assets in the United States. In an investor presentation after the second quarter results, the company said that on completion of the study and technical evaluation, blocks M17 and M18 in Myanmar were relinquished. RIL had 96 per cent stake each in the two blocks, which were awarded to the company in 2015.

Early this month, the company had sold its stake in the Marcellus Shale asset,