RIL signs PSCs for two oil blocks in Iraq

New Delhi, Nov 8 (UNI) Mukesh Ambani-run Reliance Industries Ltd (RIL) today said it has executed two production sharing contracts (PSCs) with the Kurdistan Regional Government (KRG).

Under the deal, which covers petroleum exploration activities in the Rovi and Sarta blocks in the Iraq's troubled Kurdish region, RIL's wholly-owned subsidiary Reliance Exploration and Production DMCC will serve as the operator.

''We are pleased to reach 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,'' RIL President (International Operations) Atul Chandra said in a statement.

RIL has been pursuing petroleum exploration activities in the West Asia, particularly in Oman and Yemen.

UNI