Reliance Industries (RIL) is keen to change its international business strategy. And the company believes, it can do so by exiting almost all its overseas oil and gas blocks, say sources.
The energy giant which has around seven exploration assets abroad want to retain hardly one or two as it does not want to overstretch itself over geographies. The company also feels it is heavily exposed to exploration abroad. Also, overseas blocks need a lot of exploration to start production.
Of the seven blocks, the company has, two each in Peru, Yemen, Columbia and one in Australia. The company has acreages in areas which fall in 'no-contact' region, which would make exploration activities difficult add sources.