Reliance, Ecopetrol to Explore Colombia Deepwater Blocks

by Dave

Reliance Industries Ltd., India’s biggest company by market value, said Friday it has agreed with Colombia’s national oil company, Ecopetrol SA , to jointly explore deepwater blocks in the South American country.

The agreement, signed by Reliance’s wholly owned unit, Reliance Exploration and Production DMCC, covers the exploration of the Borojo North Block 42 and Borojo South Block 43 in Colombia.

Under the agreement, Ecopetrol will get a 20% stake in the blocks. Reliance will hold the remaining stake and will also operate the blocks, the company said.

Colombia is one of the countries in which Reliance has 14 of its overseas blocks. The other countries are Peru, Yemen, Oman, Kurdistan, East Timor and Australia.

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