Reliance to hunt for oil in Kurdistan
RIL announced that it has executed two production sharing contracts with the Kurdistan Regional government (KRG) covering petroleum exploration activities in the Rovi and Sarta Blocks in Iraq.
By TNN |
MUMBAI: Reliance Industries (RIL) on Thursday announced that it has executed two production sharing contracts (PSCs) with the Kurdistan Regional government (KRG) covering petroleum exploration activities in the Rovi and Sarta Blocks in Iraq’s Kurdistan region.
Under the terms of the contract, Reliance Exploration & Production DMCC, a wholly-owned subsidiary of RIL, will serve as the operator.
RIL international operations president Atul Chandra said: “We are pleased to reach an agreement with KRG on these two PSCs. We hope and believe this will be an investment that will provide long-term benefits to all stakeholders.”
RIL established a local office in Erbil in 2006 and has undertaken geological work over the past year in the Kurdistan region. The company has been pursuing petroleum exploration activities in West Asia.
Under the terms of the contract, Reliance Exploration & Production DMCC, a wholly-owned subsidiary of RIL, will serve as the operator.
RIL international operations president Atul Chandra said: “We are pleased to reach an agreement with KRG on these two PSCs. We hope and believe this will be an investment that will provide long-term benefits to all stakeholders.”
RIL established a local office in Erbil in 2006 and has undertaken geological work over the past year in the Kurdistan region. The company has been pursuing petroleum exploration activities in West Asia.
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