Online BusinessRIL, Ecopetrol ink pact for deep water blocks
Reliance Industries (RIL) today said its exploration arm has entered into an agreement with Columbian state-controlled oil company Ecopetrol SA for two deep water blocks.
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In a filing with the Bombay Stock Exchange (BSE), RIL said Reliance Exploration and Production DMCC (REP) has singed an agreement with Ecopetrol under which the Columbian firm would take a 20 per cent stake in the two deepwater blocks -- Borojo North Block 42 and the Borojo South Block 43.
The two blocks cover an area of 8,000 sq km. In water depths ranging from 60-1500 metres, the filing added.
REP would hold the remaining stake in the two blocks and the deal is subject to approval of the Columbia"s upstream regulator, the filing added.
Shares of RIL settled at Rs 1,086, down 1.14 per cent on the BSE today.