Reliance Industries Ltd (RIL) said on Tuesday that it is evaluating opportunities toward a multi-billion dollar investment on two to three oil blocks offered by Venezuela as it look at countries from Myanmar to Canada to expand its overseas energy assets.
“We are looking at two things in Venezuela. One is, we have a long term (crude oil) supply contract and we are looking at enhancing the quantities under this contract, possibly from next year,” RIL executive director PMS Prasad told reporters on sidelines of a FICCI event.
RIL currently imports about 300,000 barrels per day (bpd) of oil from Venezuela for processing at its twin refineries at Jamangar in Gujarat. It now wants to increase these volumes, possibly to 400,000 bpd.
“The second is, we are also looking at investing in Venezuela. They have given us opportunities for us to evaluate and make a decision,” Prasad said.
Years after it dropped out of a ONGC-led consortium for developing Venezuela’s giant oil fields, RIL is now keen on taking a project to produce heavy oil in the South American nation.
Last year RIL signed a memorandum of understanding with Petroleos de Venezuela, or PDVSA, to develop a project in the Orinoco extra heavy crude belt.
Prasad said the project may involve developing the field and setting up an upgrader to convert the synthetic oil into oil that can be processed in refineries.