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01 March 2024

Reliance seeks deep-water rig

By Piyush Pandey

Dubai-based Reliance Exploration and Production DMCC, a subsidiary of the India's Reliance Industries Limited (RIL), is seeking a deep-water drilling rig for prospecting in Timor-Leste.

The company has called for an expression of interest (EoI) under international competitive bidding (ICB) for deep-water rig, drilling services, equipment, material and personnel.

"The company wants to drill in offshore block-K in the Democratic Republic of Timor-Leste with target depth of 6,000 metres," a senior company official told Emirates Business while requesting anonymity as he is not an authorised spokesperson of the company.

"After tasting success in domestic waters, it's a logical move for Reliance to consolidate its position in international exploration," Sandeep Randery, Energy Analyst, at Mumbai-based Brics Securities told this paper.

In 2007, RIL had transferred its international oil assets to the Dubai-headquartered REP DMCC for aggressive participation in international bidding rounds. REP DMCC now holds interest in oil blocks in Yemen, Oman, Kurdistan, East Timor, Peru and Columbia.

It recently rationalised its portfolio structure in the Middle East by offering offloading 30 and 25 per cent stakes in offshore block 18 and 41, respectively, in favour of Oman Oil Company Exploration and Production.

Meanwhile, the company has also sought EoI through ICB route for development of its prolific D-6 block in the Krishna Godavari (KG) basin. The contract will be awarded for conceptual studies and front-end engineering design for deep water filed development.

Scope of work includes geo-technical and geo-physical surveys.


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