RIL outlines growth plan, to scout for acquisitions overseas

November 17, 2009 01:44 pm | Updated November 17, 2021 06:39 am IST - Mumbai

RIL Chairman and Managing Director Mukesh Ambati in New Delhi. File Photo: Kamal Narang

RIL Chairman and Managing Director Mukesh Ambati in New Delhi. File Photo: Kamal Narang

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).

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.