New Delhi, Nov 21: Reliance Industries Ltd (RIL) today said its subsidiary has signed the production sharing agreement (PSA) for two oil exploration blocks in Yemen.
In both the blocks, 34&37 located in Jeza basin of eastern Yemen, Hood Energy will partner RIL with 30 per cent participating interest.
Under the production sharing agreements, RIL subsidiary Reliance Exploration&Production DMCC and Hood Energy will invest 66 million dollars to develop the blocks.
The work would require conducting seismic survey and drilling of exploratory wells based on comprehensive geological and geophysical studies, a company statement said.
RIL has a presence in Yemen since 2001 when it was allocated block no 9, where substantial reserves of hydrocarbon have already been established and the production has started.
In this block exploration is also continuing with a number of identified hydrocarbon prospects. RIL and Hood Energy hold 25 per cent each in this block and Calvalley Petroleum Inc. with 50 per cent are the partners in this Joint Venture.
Recently, RIL had also signed a production sharing contract in Oman.