Indian firm clinches Oman oil deal

India's largest private sector company has signed a deepwater oil exploration and production agreement with the government of Oman.

    The company will search for oil in the Gulf of Oman

    Reliance Industries said on Saturday that the deal is for exploring oil in block-18 off the Batinah coast in the Gulf of Oman, spreading across 18,000sq km (6,8950sq miles).


    "Reliance will be the operator of the block with 100% working interest," the company said in a statement.


    With a presence in Oman and with its other overseas projects, the company is now active right across the petroleum value chain, from upstream to refining to retailing, it said.


    The group also has a 25% stake in an exploration block in Yemen which has discovered oil.

    "Oman, Yemen and other Middle East countries have multifaceted strategic advantages for Indian oil companies with strong and friendly diplomatic ties, existing commercial interests and significant Indian diaspora," Reliance said.


    India is a major oil importing country and buys nearly 70% of its annual oil requirement from the global market.

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    Death from above: Every Saudi coalition air raid on Yemen

    Death from above: Every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    How different voting systems work around the world

    How different voting systems work around the world

    Nearly two billion voters in 52 countries around the world will head to the polls this year to elect their leaders.