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RIL bags two oil blocks in Kurdistan

NEW DELHI: Mukesh Ambani-owned Reliance Industries Limited (RIL) has bagged two oil blocks in the Kurdistan region of Iraq that hold the potential of one billion barrels of oil reserves.

According to a company release here, Reliance Industries has signed a production sharing contract (PSC) contract for the blocks Rovi and Sarta in Northern Iraq with the autonomous Kurdish Regional Government (KRG), company sources said. The blocks measuring 450-500 sq. km. have almost 80 per cent oil bearing structure and the company is confident of making a discovery soon. Reliance Industries paid a signing amount of $15.5-17.5 million for the two blocks. Under the terms of the contract, Reliance Exploration and Production DMCC, a wholly-owned subsidiary of RIL, will serve as the operator.

Atul Chandra, President, RIL International Operations, said the company was pleased to reach an agreement with the KRG on these two PSCs. “We hope and believe that this will be an investment that will provide long-term benefits to all the stakeholders,” he added.

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