RIL signs sharing contract for 2 blocks in Yemen
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.
UNI