RIL sells 25 percent stake in Yemen oil block for $90 mn

RIL sells 25 percent stake in Yemen oil block for $90 mnNew Delhi, Dec 5 : Reliance Industries has sold 25 percent stake in an oil block in Yemen to Indonesia's Medco Energi for about $90 million, the company said Wednesday.

Reliance Exploration & Production DMCC, a wholly owned subsidiary, signed the "completion documents for divestment of its 25 percent working interest" in the Yemen's Block-9 to Medco Yemen Malik Ltd., a wholly-owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia.

The transaction had been approved by the oil ministry of Yemen, RIL said in a statement, and the sale agreement with Medco was effective from Jan 1, 2012.

The stake sale is part of the company's overseas asset restructuring wherein it is cutting exposure in exploration blocks.

In 2001, the company had won Yemen's Block 9 along with Hood Energy and Calvalley Petroleum Inc. RIL and Hood Energy held 25 percent stake each while Calvalley had the remaining 50 percent.

RIL now has 10 overseas oil and gas assets, including two each in Peru, Yemen, Oman and Colombia, and one each in East Timor and Australia. (IANS)

General: 



Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate


Popular Stories

Mumbai: Police seizes two cars full of liquor before BMC polls

Mumbai (Maharashtra) [India], Feb 21 : The Kurar... Read More

Piers Morgan praises Trump's NSA pick

New Delhi [India], Feb. 21 : British journalist... Read More

NRHM Scam: SC to hear the matter today

New Delhi [India], Feb 21 : The Supreme Court, on... Read More

UP polls: Campaigning for fourth phase ends today

Lucknow (Uttar Pradesh) [India], Feb 21 : The... Read More

Tamil Nadu Chief Minister, E. Palanisamy

Chennai (Tamil Nadu) [India], Feb 21 : On the very... Read More