New Delhi: Reliance Industries (RIL), which is set to start production from the country''s largest gas block, is in negotiations with Peru for taking stake in two oil blocks. RIL has finished the talks for the two oil blocks for which contracts are likely to be signed soon. The talks come after RIL inked a memorandum of understanding with Peru''s national oil company Petroperu for collaboration in the oil and gas sector earlier this year. RIL, the Mukesh Ambani-promoted company, is also looking at establishing a refinery in Central America. The company is considering a bid for building a 350,000 barrels a day oil refinery in one of the Central American countries of Costa Rica, Guatemala, Honduras and Panama. Another 580,000 barrels a day refinery is being constructed by its subsidiary Reliance Petroleum close to the existing refinery. RIL has a very good track record for finding oil and gas.
Operators of oil and gas blocks commonly sell stake in blocks to other companies in order to share the risks involved. RIL has discovered oil or gas in 31 of the 50 wells it has drilled so far in India, could propel RIL to taking over the stake in the Peru oil blocks. RIL already has 11 overseas oil and gas assets, with the most recent being a block in Australia. The company is looking at purchasing into exploration and producing blocks in Africa, Latin America and West Asia. It is also reported that RIL is also talking with the government-owned Indian Oil Corporation (IOC) for acquiring assets overseas.
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