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NEW DELHI, Dec. 31 (UPI) -- State-run Indian Oil Corp. and private major Reliance Industries Ltd. have agreed to jointly undertake oil and gas exploration abroad.
According to an IOC official, the company along with Oil India Ltd. is prepared to join hands with RIL for exploration in the latter's oil block in East Timor. The two government-controlled companies have obtained approval from their respective boards to acquire equity in RIL's asset as farm-in partners, the official said.
"The IOC Board, which met Friday, approved its participation in the project. OIL Board has already given its nod," the Business Line newspaper reported Monday quoting an IOC source.
Both IOC and OIL are looking at an equity stake of 12.5 percent each in the project. RIL will hold a majority stake in the block and will be the operator of the area, the official said.
Last year RIL won a block in East Timor. It had bid for two of the 11 offshore blocks tendered by East Timor but could manage only one contract area. The company had bid for area K and area E but won the former.
RIL has now signed an agreement to explore for oil and gas in East Timor, and it will explore the offshore area in contract area K that has proven reserves in the Australian North West Shelf and is adjacent to the Timor Sea, the official added.
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