New Delhi, Nov 12: Mukesh Ambani-owned Reliance Industries Ltd( RIL) today said it has bagged two oil blocks in the Kurdistan region of Iraq that hold the potential of one billion barrels of oil reserves.
Reliance Industries has executed two production sharing contract (PSC) contract for the blocks Rovi and Sarta in Northern Iraq with the Kurdish Regional Government (KRG), a company statement said.
Under the terms of the contract, Reliance Exploration&Production DMCC, a wholly-owned subsidiary of the company, will serve as the operator.
''We are pleased to reach an agreement with the KRG on these two PSCs. We hope and believe this will be an investment that will provide long-term benefits to all the stakeholders,'' company's President of International Operations Atul Chandra said.
The company established a local office in Erbil in 2006 and has undertaken extensive geological work over the past year in the Kurdistan region, the statement added.
The company has been actively pursuing petroleum exploration activities in the West Asia, particularly in Oman and Yemen, besides India, Asia Pacific Region and South America.