Indian Oil Corporation and Reliance
Industries are likely to join hands for exploration in the RIL's oil block in
East Timor.
RIL and IOC have been in talks for a
possible tie-up to acquire oil and gas assets abroad as well as exploring
farm-in opportunities for the PSU major in the existing overseas assets of RIL.
In May 2006, RIL had won a block in
East Timor. It will explore offshore area in a place known as contract area 'K' .
The area has proven reserves in the Australian North West Shelf and is adjacent
to the Timor Sea.
RIL will hold a majority stake and
will operate the area which is spread over 2,384 sq km. This region contains
discoveries like Bayu - Undan (commenced production in 2004) and Greater
Sunrise. Currently, IOC has seven overseas assets through consortium approach.
It has two each in Libya and Yemen, and one each in Nigeria, Gabon, and Iran. In
the domestic oil and gas exploration sector it has 10 blocks.
Also See:
IOC, RIL plans JV
for natural gas retail (31-Jan-07)