Mumbai, Nov 17 (IANS) Oil-to-retail business house Reliance Industries (RIL) Tuesday said it would continue acquiring hydrocarbon assets overseas to ensure better synergy between domestic and international operations.
“Reliance continues to accrue oil and gas properties overseas,” RIL chairman and managing director Mukesh Ambani told shareholders at the company’s 35th annual general meeting here.

“These overseas oil and gas initiatives would reinforce the domestic effort. These would also bring a better balance between domestic and international operations as well as between onshore and offshore properties,” Ambani added.

The company currently has a total of 99,000 square kilometres under exploration in Oman, Yemen, Colombia, East Timor and Peru.

Ambani said RIL has also commenced drilling its first offshore exploratory well as an operator in the deepwaters off Oman.

In Yemen, the company’s average production has reached a level of 4,200 barrels per day, he said.

RIL is also planning an aggressive exploration campaign in India, which according to Ambani, would take it on “a higher growth trajectory and transform the energy landscape” of the country.

“We have planned an aggressive exploration campaign aimed at diversifying our search for new accumulation over the next three years. We plan to drill in majority of our blocks and propose to accelerate our campaign in the Krishna-Godavari basin,” Ambani said.

“With the new discovery made in the basin, Reliance has had 39 discoveries with an overall success ratio of 52 percent and a high deepwater success rate of 70 percent. This is considerably higher than the global average.”