Reliance Exploration and Production DMCC, a wholly owned subsidiary of Reliance Industries Ltd (RIL), has divested its 25 per cent stake in an oil block to Medco Yemen Malik Ltd, a subsidiary of PT Medco Energi International Tbk of Indonesia, for $90 million.
RIL has not disclosed the revenue earned from the divestment. The transaction has got approval from the Ministry of Oil and Minerals of Yemen and the effective date has been set as January 1, 2012.
Block 9 is an exploration and production block located in the province of Hadramaut, Republic of Yemen, about 350 km north-east of the Yemeni capital, Sana'a.
On August 25, 2005, the Government of Yemen had granted the construction license for the block for a 20-year period.
Keywords: Reliance Industries, oil block in Yemen, Indonesia’s Medco Energi, RIL’s Dubai-based subsidiary, Reliance Exploration & Production DMCC, Yemen’s Block-9 to Medco Yemen Malik Ltd, PT Medco Energi Internasional Tbk of Indonesia, Hood Energy, Calvalley Petroleum Inc, Yemen Oil and Gas Company, Sayun-Masila, Yemen’s Hadramaut province, Yemeni Government, overseas asset restructuring, Peru, Yemen, Oman, Colombia, East Timor, Australia,