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RIL divests oil block in Yemen

Source : BUSINESS_STANDARD
Last Updated: Wed, Dec 05, 2012 21:51 hrs
RIL to suspend oil and gas drilling - report

Reliance Industries Ltd (RIL) on Wednesday said it has completed sale of its 25-per cent stake in an oil block in Yemen to Indonesia's Medco Energi for around $90 million.

In a press statement, RIL said its Dubai-based subsidiary, Reliance Exploration and Production DMCC, signed the completion documents for divestment of its 25 per cent working interest in the Yemen's Block-9 to Medco Yemen Malik Ltd.

Medco Yemen Malik Ltd is a wholly-owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia.

RIL had this August announced the sale of its stake in the oil producing block.

The stake sale followed RIL exiting from two oil blocks in Kurdistan region of Iraq on July 19.

Following the sale, RIL will be left with interest in blocks 34 and 37 in eastern Yemen where it is investing $66 million with its partner Hood.

After the exit from Kurdistan and Yemen, RIL would be left with a portfolio of 10 overseas oil and gas assets including two each in Peru, Yemen, Oman and Colombia and one each in East Timor and Australia.

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