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Reliance Bags Oil Blocks in Iraq

November 8, 2007

The Kurdish Regional Government (KRG) announced seven new production-sharing contracts (PSCs), of which Reliance Industries Ltd got Rovi and Sarta in northern Iraq. The blocks measuring 450-500 square kilometer have an oil-bearing structure of almost 80%, and Reliance is confident of making a discovery soon. RIL paid a signing amount of $15.5-17.5 million for the two blocks.

Also RIL made new gas discovery in a block in the Krishna Godavari offhsore basin. The company is still evaluating the commerciality of the discovery.

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