Reliance may sell stake in foreign blocks

Reliance may sell stake in foreign blocks

New Delhi: Indian energy major Reliance Industries may sell stakes in some of its overseas exploration blocks, executive director P.M.S. Prasad told reporters on Wednesday.

Reliance has 14 blocks in its international exploration and production portfolio, including three each in Peru and Yemen, two each in Oman, Kurdistan and Colombia, and one each in East Timor and Australia, according to the firm’s website.

“We have 80 to 90% participating interest (in overseas blocks), and we want to reduce it to 40 to 50%," Prasad said, adding the move was part of the company’s strategy.

In October, Oman Oil Company (OOC) bought stakes in two of the oil concessions blocks run by Reliance Industries in the Gulf of Oman.

A Reliance executive had said at the time the company was selling the stake as it wanted to share costs.

Reliance is India’s largest conglomerate with interests in petrochemicals, refining, oil and gas exploration, textiles and retail. Its shares rose 2.7% on Wednesday, taking their gains over the past six sessions to 15.8%.