Under the terms of the contract, Reliance Exploration & Production DMCC, a wholly owned subsidiary of the Company, will serve as the operator.
Mr. Atul Chandra, President of International Operations, of the Company said, "We are pleased to reach agreement with the KRG on these two PSCs. We hope and believe this will be an investment that will provide long-term benefits to all the stakeholders".
The Company established a local office in Erbil in 2006 and has undertaken extensive geological work over the past year in the Kurdistan region.
The Company has been actively pursuing petroleum exploration activities in the Middle Fast, particularly in Oman and Yemen, besides India, Asia Pacific Region and South America.
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