Reliance Industries to Start Oil Exploration in Kurdistan

Reliance Industries, owner of the world’s largest refining complex, plans to start exploration at two oil blocks in Kurdistan this year.

Reliance, controlled by billionaire Mukesh Ambani, invited contractors to bid for work to begin extended well testing at its Rovi and Sarta blocks starting in the fourth quarter, a tender document shows. The studies help evaluate the productivity of a reservoir by estimating the oil and gas it contains and how much can be extracted.

Oil exports from Kurdistan, a semi-autonomous region in northern Iraq, have been suspended since October when authorities in Baghdad declared contracts signed between the Kurdistan Regional Government and foreign companies illegal.

Reliance holds 102,000 square kilometers of overseas oil and gas acreage in 14 blocks, including in Peru, Yemen, Oman, Australia and Kurdistan. One block in Yemen is producing 4,600 barrels a day, the company said in a statement in July.

(Source: Bloomberg)

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