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News Brief | March 2013

RIL may sell stake in hydrocarbon block

Reliance Industries (RIL) has requested Directorate General of Hydrocarbons (DGH) to allow it to transfer its equity in a hydrocarbon block offshore Gujarat-Saurashtra region to Hardy oil and gas. This shallow water block -GS-OSN-2000/1- was awarded to the consortium of RIL (90 per cent) and Hardy exploration (10 per cent) under the NELP II round of bidding. The partners RIL-Hardy in May 2007 discovered gas in the block and at present the find is at an appraisal stage which will help decide the commercial viability of the discovery. Reports suggest that RIL wants to sell stake in the block because it does not feel operating the block would be commercially lucrative either at the current gas price or even if it goes up, keeping in mind the capital cost involved in developing the reserves.
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