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RIL says examining JV proposals for exploration abroad

Mukesh Ambani-led Reliance Industries on Friday said it is examining proposals to set up joint ventures for oil exploration abroad.

mumbai Updated: Apr 23, 2010 23:42 IST

Mukesh Ambani-led Reliance Industries on Friday said it is examining proposals to set up joint ventures for oil exploration abroad.

"Ever since we have completed Marcellus Shale joint venture with Atlas Energy, we got a lot of people asking us whether we would consider joint venture, we are examining all those...clearly it is an area of interest to us," RIL CFO Alok Agarwal told reporters in Mumbai.

Reliance Industries last week announced a JV and acquired a 40 per cent interest in Atlas' core Marcellus Shale acreage position in Pennsylvania in North America.

"We want to build a meaningful position in North America," Agarwal said.

Agarwal pointed out that the company was going to see revenues from Marcellus Shale acreage quickly. Reliance and Atlas are expected to start drilling this year and will drill 15 wells in the first year and 80-90 wells in the second. The company will get some revenues this year and may see plateau level in 4-5 years period, he said.

RIL's international business comprises 13 blocks with acreage of over 93,526 square kilometres - 2 in Peru, 3 in Yemen (1 producing and 2 exploratory), 2 each in Oman, northern part of Iraq in the Kurdistan Region and Colombia, 1 each in East Timor and Australia.

Average production for the quarter ended March 31, 2010, at the Yemen Block 9 was about 4,600 barrels per day.

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