Indian Oil Corporation (IOC) along
with Oil India (OIL) has signed an agreement with Reliance Industries (RIL) to
acquire stake in the latter's offshore oil block in East Timor.
Both IOC and OIL will acquire an
equity stake of 12.5 per cent each in the project. RIL will hold a majority
stake in the block and will be the operator of the area spread over 2,384 sq.km.
IOC and OIL have made a financial commitment of $27 million and the entities are
now going to approach the East Timor government for approval.
In May 2006, RIL had won a block in
East Timor - area 'K' - after bidding for two of the 11 offshore blocks
tendered.
Also See:
IOC, RIL in talks
for joint exploration in East Timor block (11-Oct-07)