SATURDAY, MARCH 12, 2005
RIL bags oil exploration rights in Oman
PTI
MUMBAI: Reliance Industries Ltd on Saturday acquired exploration rights to one of the largest deep water blocks in the Sultanate of Oman.
The exploration and production sharing agreement for block-18 was signed in Muscat on Saturday by Oman Minister of Oil and Gas Mohammed Al Rumhy and RIL president and CEO of Petroleum business P M S Prasad, the company said in a release.
Block-18 is off the Batinah coast in the Gulf of Oman and spreads over 18,000 sq km (shallow and deepwater up to 1,000 m water depth) and RIL would be the operator of the block with 100 per cent of working interest.
In addition to Oman, RIL has a 25 per cent stake in an exploration block in Yemen, which has discovered oil.
The major objective is to augment the energy security of India, it said.
"By establishing 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, it added.
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