RIL, Chevron join to bid for NELP-VII

NEW DELHI, March 21 (UPI) -- Reliance Industries Ltd. may jointly bid with Chevron for exploration blocks in the seventh round of new exploration licensing policy.

In the seventh round of NELP, due within a month, the Petroleum and Natural Gas Ministry will offer 70 to 100 blocks for auction.

"There has been discussion on NELP-VII," said P.M.S. Prasad, president of RIL's petroleum business. He said RIL wants to jointly bid for the blocks with Chevron.

Prasad said in case a deal was struck, it would be for the first time a U.S. firm is showing interest in India's oil and gas sector.

Chevron has partnered with Reliance in the Indian energy sector.

The company is expected to pick up stakes in Reliance's blocks in the Krishna-Godavari basin.