RIL in deal with Ecopetrol for deep water blocks
Dec 04, 2009 01:00 AM
Reliance Industries Ltd. (RIL) said its exploration arm has entered into an agreement with Columbia state-controlled
oil company Ecopetrol for two deep water blocks.
In a filing with the Bombay Stock Exchange, RIL said Reliance Exploration and Production DMCC (REP) has singed an
agreement with Ecopetrol under which the Columbian firm would take a 20 % stake in the two deepwater blocks -- Borojo
North Block 42 and the Borojo South Block 43.
The two blocks cover an area of 8,000 sq km in water depths ranging from 60-1500 metres, the filing added.
REP would hold the remaining stake in the two blocks and the deal is subject to approval of the Columbia's upstream
regulator, the filing added.
