Mumbai, India, 8 Jan – Indian state oil companies, Indian Oil Corp (IOC) and Oil India Ltd (OIL) are expected to partner Indian company Reliance Industries Ltd for oil and natural gas exploration in East Timor, financial daily Hindu Business reported.
Approval from the boards of IOC and OIL was given after the respective technical teams had said they were satisfied with the documentation provided by Reliance.
The newspaper said that both IOC and OIL planned to take a stake of 12.5 percent each in the project, with Reliance keeping a majority share in the bloc and acting as operator over a 2,384 square kilometers.
In May 2006, Reliance was granted operator status in an oil and gas bloc in East Timor, located in an area next to the Timor Sea, which has proven oil reserves.
The Reliance group is India’s largest private group and its main company, Reliance Industries Ltd, is one of the 500 biggest companies in the world as listed by Fortune magazine and is India’s biggest private company. (macauhub)