Reliance & Ecopetrol in deal for 2 oil blocks


RIL said that Reliance Exploration and Production DMCC (REP) has singed an agreement with Ecopetrol under which the Columbian firm would take a 20 per cent 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 sqkm in water depths ranging from 60-1500 metres, it said. REP would hold the remaining stake in the two blocks and the deal is subject to approval of the Columbia’s upstream regulator.

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