RIL to invest Rs 17,000 cr on deepwater oil exploration

Nov 29: Mukesh Ambani-led Reliance Industries Ltd (RIL) today said it will invest Rs 9,000 crore in deepwater oil exploration business by 2009, besides infusing Rs 8,000 crore to meet minimum work programme (MWP) committments.

''The company will invest about Rs 9,000 crore in the deepwater oil exploration in the next two years. We also have plans for incurring additional expenditure of Rs 8,000 crore to meet our WMP committments,'' Reliance Gas Transport Infrastructure Ltd Vice President (Gas Pricing and Regulatory Affairs) E V S Rao said while addressing the 6th Petro India 2007 on India's Changing Gas Scenario: The New Imperative.

The company has already invested Rs 9,000 crore on the deepwater oil exploration, he added.

At present, 82 per cent of company's Indian acreage lies in deepwater, where exploration is three times costlier than the onshores.

Currently the company is evaluating seven oil and gas exploration blocks to surrender to the government, Mr Rao said.

UNI