RIL, Chevron to submit joint bids for NELP-VII

New Delhi, Mar 21 (UNI) Country's private sector petroleum giant Reliance Industries (RIL) is considering submitting joint bids along with US energy major Chevron for oil and gas blocks under the seventh round of the New Exploration Licencing Policy (NELP).

RIL is also open to the proposal of offering a stake in its KG D-6 block in the Krishna Godavari basin to Chevron, which has in-place reserves of 14 trillion cubic feet and also partner RIL for gas marketing in India, industry sources said.

The seventh round of NELP bidding is likely to be announced soon and is expected to offer the highest number of blocks between 70 and 100.

Chevron is already partnering RIL in its greenfield 27 million tonnes per annum export-oriented refinery in the Jamnagar SEZ.

RIL has also signed two memorandums of understanding (MoU) with Chevron, which envisages intent of both companies to collaborate in areas of energy value chain.

UNI