The correct answer is: B. Essar Oil.
Essar Oil is an Indian multinational oil and gas company headquartered in Mumbai, India. It is the second-largest private sector refiner in India, with a refining capacity of 20 million tonnes per annum. The company also has interests in oil and gas exploration and production, marketing and distribution, and petrochemicals.
In 2008, Essar Oil signed an accord with the Government of Myanmar for oil exploration in two offshore blocks in that country. The blocks, A-1 and A-3, are located in the Bay of Bengal and are estimated to hold reserves of up to 1 billion barrels of oil.
Essar Oil is the first Indian private company to sign an accord with the Government of Myanmar for oil exploration. The company has invested $1 billion in the project and is expected to start production in 2016.
The other options are incorrect because:
- Reliance Energy is an Indian multinational conglomerate company headquartered in Mumbai, India. It is the largest private sector power company in India, with a generation capacity of over 30,000 megawatts. The company also has interests in oil and gas exploration and production, petrochemicals, and retail.
- GAIL (India) Limited is an Indian state-owned natural gas company headquartered in New Delhi, India. It is the largest natural gas company in India, with a transmission and distribution network of over 10,000 kilometers. The company also has interests in oil and gas exploration and production, petrochemicals, and fertilizer.
- ONGC Videsh Limited (OVL) is a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), an Indian state-owned oil and gas company. OVL is India’s largest overseas oil and gas exploration and production company. The company has interests in over 30 countries, including Russia, Brazil, and Venezuela.