Reliance to take stake in Peruvian oil block upto 90%
India’s Largest private sector enterprise Reliance, today signed an agreement to acquire a 90% stake in an oil block in Peru.
Reliance bought the stake in block 141 from Pan Andean Resources PLC. Block 141 is situated for an area of 1.2 million acres (0.5 million hectares) in Andean mountain plateau.Pan Andean decided to reimburse Reliance for the exploration cost .This agreement is subjected to the regulatory approval of the Peruvian authorities. Once it is approved Reliance will proceed to the operation.
David Horgan, managing director of Pan Andean Resources said that”"We believe that Block 141 contains highly prospective and potentially valuable structures. This is based on the belief that the kitchen that charges the world-class Camisea gas and condensate field to the north may also charge structures in our Block 141 to the south,”
The CEO and president (oil & gas) PMS Prasad of Reliance said ”We plan to conduct geological & geophysical work. If the seismic shows adequate structures we anticipate drilling and a total work programme that may exceed $40 million.”
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