Reliance Industries Ltd (RIL) has pocketed two oil blocks in Iraq’s Kurdish region.
RIL has signed up a deal for the blocks ‘Rovi’ and ‘Sarta’ in northern Iraq with the autonomous Kurdish Regional Government (KRG).
The blocks measuring 450-500 sq km have an oil-bearing structure of around 80%, and Reliance is confident of making a discovery soon. RIL paid a signing amount of $15.5-17.5 million for the two blocks.
According to the deal, the RIL’s wholly owned arm Reliance Exploration and Production DMCC would be served as an operator.