RIL shows interest in oil fields in Brazil, Gulf of Mexico

RIL shows interest in oil fields in Brazil, Gulf of Mexico

RIL had in block KG-D6 off Andhra coast made the world's biggest gas discovery in 2002 and began production of gas from the fields in just six and half years against a global average of 8-10 years.

"We are fascinated about the Gulf of Mexico and Brazil... the Gulf of Mexico for the sheer fun of being in the place where most of the major deep-water operators are present and Brazil because of the prospects it offers," he told reporters.

RIL currently produces 36-37 million standard cubic meters per day of gas from D-1 and D-3 fields in KG-D6 block and will hit 80 mmscmd by year end, doubling the availability of domestic natural gas in the country.

"Gulf of Mexico offers one of the most transparent and investor friendly regimes ... someday we will get there," he said. KG-D6 is amongst the lowest cost deep-water projects of the world. The gas finding and development cost at under USD 5 per barrel of oil equivalent is almost 40 per cent lower than similar deep-water projects worldwide.

Prasad said RIL was seeking partners in at least six exploration blocks in Yemen, Oman, Colombia, Kurdistan and Australia to hedge its risk. "We have received interests from global majors (for partnership in blocks in Yemen, Oman, Kurdistan, Colombia and Australia)," Prasad said but declined to give details.

RIL, he said, will begin drilling in exploration blocks it has in Oman, Kurdistan and East Timor in next six months. The company, through its wholly-owned subsidiary Reliance Exploration and Production DMCC, holds interests in 15 overseas exploration blocks and is considering farming-out a part of its stake.

The company may sell stake in six blocks in Yemen, Oman, Colombia and Australia. RIL is in discussion with global energy firms to sell a part of its shareholding, he said.

The company is looking at selling stakes so that its budget for overseas exploration can be spread over larger number of projects while also getting global expertise. RIL's overseas exploration acreage includes three areas in Yemen, two each in Oman, Kurdistan and Colombia and one each in East Timor and Australia

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