Signed on 10th December at Bogota, Colombia, the contracts envisage exploration of two blocks located in the Pacific Ocean, west of Colombia in water depths reaching upto 1500 meters
Mumbai, India: Reliance Industries Limited (RIL) had signed Technical Evaluation Agreement in 2005 which has been converted to Hydrocarbon Production and Exploitation Contracts with Agencia Nacional de Hydrocarburos (ANH) of Colombia for two offshore blocks, Borojo (pronounced as Boroho) North and Borojo South. These contracts will in due course be assigned to REP DMCC, a 100% subsidiary of RIL.
Signed on 10th December at Bogota, Colombia, the contracts envisage exploration of two blocks located in the Pacific Ocean, west of Colombia in water depths reaching upto 1500 meters. Each block size is approximately 4,000 square kilometers. RIL has carried out comprehensive geological studies before selecting these blocks.
The contract provides a six year Exploration Period consisting of four phases of 18 months each, with exit right at the end of each phase. Over these six years, the company is expected to drill upto two wells in each block apart from conducting seismic, multi beam and heat flow surveys. The exploration budget for the two blocks is close to US $ 50 Million, in next six years if not exited in earlier phases.
Reliance Industries Limited
Reliance Industries Limited (RIL) is India