Reliance Industries to take up Venezuelan oil block

Posted By: Religare
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Reliance Industries to take up Venezuelan oil block
Reliance Industries (RIL) is close to taking an oil block in the Venezuela that can produce as much as 10 million tons of oil per annum, reported PTI.

RIL has signed an agreement with Venezuelan state oil company Petroleos de Venezuela, SA (PdVSA) to jointly "evaluate the development plan for Ayacucho 8 block" in the oil-rich Orinoco belt of Venezuela, the Indian company said in a statement.

According to the media reports, RIL and PdVSA also extended the term of an MOU they signed last year by one year for continued cooperation.

"The signing of the Joint Study Agreement for Ayacucho Block 8 and the extension of MOU marks further strengthening of the long-standing relationship between RIL and PdVSA as well as between India and Venezuela," the statement said.

Besides developing the field, the project may also involve setting up an upgrade to convert the synthetic oil into oil that can be processed in refineries, said the PTI report.

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