Reliance Industries (RIL) has exited from an offshore oil exploration block in the Sea of Oman.
Reliance Exploration and Production DMCC, Dubai based subsidiary of RIL has relinquished Block 18, a 21,140 sq km concession located off the Batinah coast in the Sohar Basin. The decision has come up after the exploratory drilling campaign failed to yield any significant results.
Meanwhile, RIL is focused on the development of its sole existing concession in Oman, Offshore Block 41, which covers an area of around 23,800 sq km off the Sharqiya coast. Currently, the company is waiting for the results of 2D seismic surveys before it embarks on the next phase of exploratory plan.