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Reliance to sign pact with Peru's state oil firm
LIMA
Petroleumworld.com, July 14, 2008Peru's state-owned petroleum company Petroperu has announced a pact with Indian conglomerate Reliance Industries Limited (RIL) to explore oil and gas in the Andean nation, Spain's EFE news agency reported Tuesday.
"We'll formalise the agreements that were adopted over the past few weeks and in the coming days will provide details on this association, in order to explore blocks that potentially contain gas or petroleum," Petroperu President Cesar Gutierrez said on Monday.
The alliance may also consider participating in an upcoming Peruvian government auction of 22 blocks with hydrocarbon potential, he said, adding that the auction is scheduled to open in September.
Earlier this year, RIL acquired a 90 per cent stake in an oil block in the Andean region of Puno in Peru from Irish company Pan Andean Resources.
The Indian conglomerate also owns 30 per cent stake in a block located in the Ene river basin that is operated by Argentina's Pluspetrol and Australia's Woodside Petroleum and a 10 percent stake in a block operated by Spain's Repsol YPF for oil prospecting in the Amazon jungle region of Loreto.
Story from The Economic Times
The Economic Times 12 07 08Copyright© 2008 respective author or news agency. All rights reserved.
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