Reliance Industries Ltd has announced that the Company had signed Technical Evaluation Agreement in 2005 which has been converted to Hydrocarbon Production and Exploitation Contracts with Agenda Nacional de Hydrocarburos (ANH) of Colombia for two Offshore blocks, Borojo (pronounced as Boroho) North and Borojo South.

The contracts, which were signed on December 10 at Bogota, envisage exploration of two blocks located in the Pacific Ocean in water depths reaching up to 1,500 m. Each block size is approximately 4,000 square kilometers.

Reliance is expected to drill up to two wells in both areas over six years and will explore in four phases spread over 18 months each, the statement said.

Reliance Industries said the exploration budget is nearly 50 mln USD, which will be spent over the next six years.

The stock closed today at Rs. 2885 on NSE, up by 2% from its previous close of Rs. 2822. The stock touched an intraday high of Rs. 2898 and low of Rs. 2830.