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Moneycontrol.com >> Message Board >> View Messages >> Reliance
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RIL taps three foreign cos to hunt for oi (1)   16-May-08 07:17Tracked by (0)  
Posted by:   stox & more on ( 16-May-08 07:17 )
Price : BSE: Rs 2622.65 ( 3.66 % ), NSE: Rs. 2622.95 ( 3.64 % )
Reliance Industries (RIL) is learnt to be talking to three mid-sized oil companies — Australia’s Santos, Devon Energy and AARCO of the US — to bid for oil and gas blocks in the seventh round of the New Exploration Licencing Policy (NELP). The government has offered 19 deepwater blocks in this round.

RIL’s aim is to partner a foreign company with the required technological expertise. Global oil giants like ExxonMobil, Chevron and Conoco Phillips are unlikely to bid in this round. Although the final word is not out yet (bids are set to open only by June end), analysts say no oil major is interested in investing in India’s oil and gas sector at this point, thanks to the policy uncertainties over tax sops and marketing freedom.
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  • 25, 17:30
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