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‘For good blocks we have partners’

The newly appointed Director of Reliance Industries Ltd, P M S Prasad speaks to Anupama Airy about RIL's shift in business strategy for bidding in future oil and gas blocks in India.

business Updated: Sep 15, 2009 00:07 IST
Anupama Airy

On the change in strategy for future bidding under NELP
Perhaps we went too fast in completing KG-D6, unlike other multinational companies. We have realised that it is better to have stakes along with other joint venture partners to be at peace than to take huge risk and feel helpless at the end. So under NELP-VIII, if we can identify good blocks, we will go in partnerships and may not stress for the role of an operator.

On potential partners
We have been in talks with various companies. If there are good blocks, we are ready with partners.

On new greenfield projects
We are waiting for the new fertiliser policy and are very keen to set up a gas-based fertiliser plant. Whether it
will on KG-D6 gas or any other gas or even in India are decisions we still need to firm up. But yes it will be a large scale project.

On overseas asset acquisition strategy
Now we have come off an asset building program and already have a number of exploration blocks in various countries. In order to balance our portfolio, we are looking at discovered assets which would go into production and need capital. Producing assets are something we are always looking at but those available are more of gas than oil. We are looking at the rights assets.

On countries on the radar
We are looking at a decent sized oil and gas assets in North and South America besides scouting for opportunities in Canada. Gulf of Mexico and Brazil have been on our radar for long.