News Brief | October 2013
Reliance Industries targets oil blocks in Venezuela
Reliance Industries is looking at oil and gas investment opportunities overseas, particularly in Venezuela, where it offers for at least two exploration blocks. RIL, which imports about 300,000 barrels of crude oil per day from Venezuela, also plans to increase the quantity. The company is exploring investment opportunities in Mexico, Iraq, Canada and Myanmar. India, which had initially granted concessions to energy firms under its investor-friendly new exploration licensing policy, has denied several contractual rights, retrospectively.