Reliance buys 90% stake in Peru oil block

New Delhi, Apr 30 (UNI) Mukesh Ambani-owned Reliance Industries Ltd today said it has inked an agreement with Pan Andean Resources Plc PRE L to buy a 90 per cent stake in an exploration block in Peru.

''We have agreed to acquire 90 per cent of Block-141 in Peru from Pan Andean Resources Plc PRE L,'' company CEO and President (Oil and Gas) PMS Prasad told reporters here without divulging the deal value.

He added that the drilling and other work might cross an expenditure of 40 million dollars.

Mr Prasad said that the company is eyeing oil blocks in Latin America, particularly in the heavy oil belt.

Currently, RIL operates a 6,60,000 bpd refinery at Jamnagar.

Besides, its arm Reliance Petroleum is also setting up another 5,80,000 bpd plant adjacent to the existing one.

Pan Andean Resources explores and produces oil and gas in South America and the Gulf of Mexico.

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