Reliance adds 2 more production sharing oil blocks in Yemen
22 Nov 2007
Mumbai: Reliance Exploration and Production (REP) DMCC, a wholly owned subsidiary of Reliance Industries Ltd (RIL), has signed production sharing agreement for two exploration blocks in Yemen.
Reliance will partner Hood Energy in the exploration of blocks 34 & 37, located in Jeza basin of eastern Yemen, and will have a 30 per cent participating interest in both the blocks.
Reliance Exploration & Production DMCC and its Yemeni partner Hood will invest $66 million to develop blocks 34 and 37 in eastern Yemen.
The work involves conducting seismic survey and drilling of exploratory wells based on comprehensive geological and geophysical studies.
RIL is already partnering Hood Energy in Yemeni exploration block No 9, where substantial reserves of hydrocarbon has already been established and one of the discoveries put on early production.
RIL and Hood Energy with 25 per cent each in the block and Calvalley Petroleum Inc. with 50 per cent are the partners in this joint venture.
Reliance has petroleum exploration activities in India, the Middle East, Asia-Pacific region and South America. Reliance also owns exploration blocks in East Timor, Australia and Colombia through its subsidiaries.
Reliance signed a second production sharing contract in Oman earlier this month, days after Iraq objected to the award of two blocks to the company by the Kurdish Regional Government.
