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Oman Oil Buys Exploration Stakes in Reliance

Source: Reuters 10/14/2009, Location: Middle East

Oman Oil Company (OOC) on Wednesday bought stakes in two of the oil concessions blocks run by Reliance Industries in the Gulf of Oman, the firms announced on Wednesday.

OOC has bought a 30 percent stake in block 18 and a 25 percent share in block 41 from Reliance Industries but did not provide further details.

"We are selling the stake to Oman Oil Company because we want to share the costs," said Atul Chandra, director of exploration and production at Reliance.

Reliance, which operates the world's largest refining complex, had acquired the two offshore blocks when it signed an Exploration and Production Sharing Agreement with Oman's oil ministry in 2005.

Oman has signed a number of exploration agreements with foreign companies to boost oil production in the Gulf Arab state.

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