Reliance Industries Strengthen Hold in Latin America

RIL, in collaboration with China National Petroleum Corporation (CNPC) and Reliance Industries Strengthen Hold in Latin America Argentina's Pluspetrol, have bagged rights on Block 155 to extract oil.

The block 155 lies in Southern highland region of Puno, next to the Bolivian border. Since April this yea, it has acquired 90 percent stake in Block 141 in Peru from Pan Andean Resources Plc, In May it acquired 50 percent in block 108 in Peru from Pluspetrol Energy SA, on June 29, it acquired 10% stake in lot 39 in northern Peru from Burlington Resources Inc, .

Although, Reliance Industries has been working towards increasing its presence in Latin American Nation this win is a major breakthrough. 

Meanwhile steel giant Jindal Steel and Power Ltd joint hands with Enigma Oil and Gas Exploration (Pty) Ltd and bagged rights on Block 147, 159 and 153 in Peru's 2008 bidding rounds. 

Although Peru had thrown open 22 oil and gas sites it received bidding only for 17 .

According to sources, Reliance-CNPC-Pluspetrol offered 24.58 percent royalty while Jindal- Enigma offered 30.02 to 32.03 percent.