India’s most valuable company, Reliance Industries Ltd (RIL), on Tuesday outlined its growth plan and said it is scouting for oil and gas properties overseas, which will help bring about a better balance between domestic and international operations.
“Reliance continues to accrue oil and gas properties overseas. These overseas oil and gas initiatives would reinforce the domestic effort. It will also bring a better balance between domestic and international operations as well as between onshore and offshore properties,” RIL’s Chairman and Managing Director, Mukesh Ambani, told shareholders at the company’s 35th annual general meeting here.
The petrochemical giant currently has 99,000 square kilometres of acreage under exploration in Oman, Yemen, Colombia, East Timor and Peru.
Ambani said RIL has also commenced drilling its first offshore exploratory well as an operator in the deep waters of Oman block 18, while the average production from Yemen’s Block 9 has reached a level of 4,200 barrels of oil per day (bpd).