RIL,OVL to bid jointly for oil blocks in Iraq

In a bid to leverage their oil exploration and production expertise, Reliance Industries (RIL) and ONGC Videsh (OVL), the overseas investment arm of Oil and Natural Gas Corporation (ONGC), are planning to jointly bid for oil and gas blocks in Iraq.

The two companies are already renegotiating for a stake in the Tuba field and the Block-8 in western Iraq.

OVL, Reliance and Algeria’s Sonatrach were in talks with the Saddam Hussein regime before the US took over Iraq in 2000. The UN sanctions that came in after 2000 prevented further talks from talking place.

“We are ready to partner OVL in overseas search for oil and gas exploration blocks. OVL is in the process of getting approval for a joint business with us,” a senior Reliance official said. OVL official declined to comment. Read more at Business Standard

RIL to divest in oil and gas arm abroad

Chevron may be the partner.

Reliance Industries Ltd (RIL) will induct a strategic partner in its overseas oil and gas projects which are being spun off into a new entity.

Sources familiar with the development said RIL is to divest 20 to 25 per cent in the Dubai-based Reliance Exploration and Production DMCC, the holding company for RIL’s foreign oil and gas projects.

Global energy major Chevron Corporation, which has equity interest in RIL’s subsidiary Reliance Petroleum, might be the preferred partner for Reliance Exploration, they added. An RIL spokesperson declined to comment.

Reliance Exploration will house RIL’s interest in a discovered oil block in Yemen and an offshore exploration block in Oman and exploration projects in northern Iraq, East Timor and Columbia.

RIL is keen to acquire gas fields in central and West Asia.

Read more at Business Standard