Market Updates
Reliance Industries Seeks Gulf of Mexico Fields
Mayank Mehta
14 Sep, 2009
New York City
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Reliance Industries is looking to invest in international oil fields. The largest private sector oil company in India also operates the largest crude oil refinery in the world is also looking to sell stake in some of the international fields including those in Colombia and Middle East.
[R]7:00 PM Mumbai – Reliance Industries is looking to invest in international oil fields.[/R]
Reliance Industries’ oil and gas business president P.M.S. Prasad said that the company is looking to diversify its oil fields exploration after it runs into trouble in how to price the its natural gas production.
The company is looking to either invest or operate fields in Brazil and Gulf of Mexico.
India imports nearly two thirds of its crude oil requirements and spends around $60 billion
Reliance currently controls 11 blocks with acreage of about 80,000 square kilometers of which 3 blocks are in Yemen, 2 each in Oman, Kurdistan and Colombia and 1 each in East Timor and Australia.
The average daily production at the Yemen was 4,500 barrels of oil and the company is looking to sell stakes in some of its overseas blocks.
Reliance is currently generating natural gas from Krishna Godavari basin in the Bay of Bengal at a depth of 1,500 meters with a daily production of 37 million cubic meters. The company has delayed till April of next year its peak production target to 80 million cubic meters.
Reliance Industries is struggling to resolve a family dispute with Reliance Natural Resources controlled by Anil Ambani, the brother of Mukesh Ambani, chairman of the company.
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