Reliance signs exploration deal

22 November 2007
The Ministry of Oil and Minerals has signed two exploration and production sharing agreements with India’s Reliance Industries and local partner Hoodoil, covering blocks 34 and 37 in the eastern part of Yemen.

The two companies will jointly invest $66m under the terms of the deal.

Reliance and Hoodoil are building a $450m grassroots refinery at Ras Issa on the Red Sea with a capacity of 60,000 barrels a day (b/d), which is expected to be completed in 2009.
The Indian company signed a new exploration agreement in neighbouring Oman earlier this month, for the massive deepwater block 41, which covers an area of more than 23,000 square kilometres, covering an area from Seeb near Muscat in the north to Ras al-Hadd in the south.

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