Indo-Asian News ServiceTuesday, December 11, 2007 (New Delhi):
Mukesh Ambani-led Reliance Industries Ltd (RIL) has been awarded exploration contracts for two offshore hydrocarbon blocks in Colombia, the company said in a statement on Tuesday.
"RIL signed hydrocarbon production and exploitation contracts with Agencia Nacional de Hydrocarburos (ANH) of Colombia for two offshore blocks, Borojo North and Borojo South, on December 10 at Bogota, the capital of Colombia," the statement said.
These exploration blocks are located on the Pacific Ocean, west of Colombia in water depths reaching up to 1,500 metres, according to RIL's statement.
The signing of contracts follows inking of a technical evaluation agreement by the two sides in 2005.
The contract provides a six-year exploration period consisting of four phases of 18 months each, with a right to exit at the end of each phase, the statement noted.
"Over the six years, the company is expected to drill up to two wells in each block, besides conducting seismic, multi-beam and heat-flow surveys. That will require an investment of $50 million," RIL said.
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