Reliance Industries Wins Exploration Block in Oman
Reliance Industries has successfully acquired exploration rights to one of the large deepwater blocks in the Sultanate of Oman. The Exploration and Production Sharing Agreement for Block-18 was signed in Muscat on March 12, 2005 by His Excellency, the Minister of Oil and Gas, Dr. Mohammed Al Rumhy and Mr. PMS Prasad, President & CEO Petroleum Business of RIL. This agreement takes RIL and India one step closer to addressing the hunt for secure energy supply.
Referring to the present Indian government's Common Minimum Program of securing India's energy supply, an RIL official said, 'The major objective is to augment the energy security of India'.
In addition to Oman, RIL has a 25% stake in an exploration block in Yemen, which has discovered oil. Oman, Yemen and other Middle East counties have multifaceted strategic advantages for Indian oil companies, with strong and friendly diplomatic ties, existing commercial interests and a significant Indian Diaspora.
RIL's Block-18 is off the Batinah coast in the Gulf of Oman and spreads over 18,000 sq km. (shallow and deepwater, up to 1000m water depth). RIL will be the operator of the Block with 100% of the working interest.
By establishing its presence in Oman and with a number of overseas projects on the anvil, RIL is active across the petroleum value chain in upstream, refining and retailing.
- OPEC's Output Curbs Squeeze World's Biggest Oil Refining Complex (Oct 16)
- India's Reliance Industries 2Q Profit Up 7%, Lags Estimates (Oct 13)
- India's Reliance Sells US Shale Asset for $126 Mln (Oct 06)