MUMBAI: Reliance Industries subsidiary, Reliance Exploration and Production DMCC has signed a production sharing agreement with Oman for offshore Block No 41.
The block measures over 20,000 sq km and water depth could increase up to 3,000 meters. It is adjacent to the earlier block allocated to Reliance Industries in 2005. RIL will integrate operations of both the adjoining blocks to increase value.
This is Reliance's third block for which production sharing agreement has been signed within a week. The previous two were in the Kurdistan region of Iraq.
At 12:09 pm, Reliance Industries shares were up 0.56 per cent at Rs 2,692 on BSE. The stock had declined to a low of Rs 2,651 earlier in the day, in line with the weakness in the market.
From : economictimes.indiatimes.com
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