The Hindu Business Line : Reliance signs pact for exploration in Oman block

RELIANCE Industries Ltd on Saturday acquired exploration rights to one of the large deepwater blocks in the Sultanate of Oman, the company said on Saturday.

In a statement issued today, RIL said the Exploration and Production Sharing Agreement for Block-18 in the Gulf of Oman was signed in Muscat on March 12 by the Minister of

Oil and Gas of Oman, Dr Mohammed Al Rumhy, and Mr P.M.S. Prasad, President and CEO Petroleum Business of RIL.

In addition to Oman, RIL has a 25 per cent stake in an exploration block in Yemen, which has discovered oil. Oman, Yemen and other West Asian countries have multifaceted strategic advantages for Indian oil companies, with strong and friendly diplomatic ties, existing commercial interests and a significant Indian diaspora, the statement said.

RIL's block-18 is off the Batinah coast in the Gulf of Oman and spreads over 18,000 sq km. (shallow and deepwater, up to 1000 m water depth). RIL will be the operator with 100 per cent of the working interest.

By establishing its presence in Oman and with a number of overseas projects on the anvil, RIL is active across the petroleum value chain in upstream, refining and retailing.

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