Company tells analysts work will be on hold till a re-evaluation ends and a fresh plan is submitted to the govt
Reliance Industries Ltd, India’s most valuable company, will suspend drilling across its entire oil and gas portfolio until a process of re-evaluation, currently under way, ends and a fresh plan is submitted to the government.Reliance’s management told analysts at a meeting following the announcement of its September quarter earnings on Saturday that it was “re-evaluating” its exploration and production strategy along with its venture partner, BP Plc. Three analysts, who had attended the meeting, confirmed the management’s intention to suspend drilling till the re-evaluation was completed, as expressed to them.
Reliance sold a 30% stake in 21 of its oil and gas blocks for $7.2 billion to London-based BP in February. The transaction received government approval on 30 August and Reliance has received the entire payment from BP, according to the company’s investor presentation dated 15 October on its website.
The company’s decision to halt drilling work will delay the time by which these oil and gas assets were to come on-stream, according to these analysts.
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Reliance sold a 30% stake in 21 of its oil and gas blocks for $7.2 billion to London-based BP in February. The transaction received government approval on 30 August and Reliance has received the entire payment from BP, according to the company’s investor presentation dated 15 October on its website.
The company’s decision to halt drilling work will delay the time by which these oil and gas assets were to come on-stream, according to these analysts.
Read more ...
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