New Delhi: Chevron Corp, US energy major, likely to increase its stake in Reliance Petroleum Ltd to 29 per cent and explore equity partnership in Reliance Industries' Krishna Godavari basin gas field.
Chevron Corp’s chairman and chief executive David J O'Reilly will arrive in New Delhi on Tuesday on a four-day visit to India.
He is scheduled to meet Reliance Industries' chairman and managing director Mukesh Ambani in Mumbai on February 22 to discuss increasing cooperation between the two companies.
Chevron, which last April picked 5 per cent stake in RPL for $300 million, has an option to raise its shareholding in the company that is building a new 580,000 barrels per day refinery to 29 per cent.
Reliance may need deep sea technology to bring to produce 80 to 120 million standard cubic meters per day of gas from the field that holds 35 trillion cubic feet of reserves.
Reliance Industries' CEO (oil and gas) P M S Prasad, who was in Houston meeting Chevron officials earlier this month, will also be present during the meeting between O'Reilly and Ambani.
PTI quoted sources saying that Chevron and Reliance were to tie-up for bidding for the just concluded sixth round of auction of oil and gas areas under New Exploration Licensing Policy (NELP) but a partnership could not be ironed out in time for putting joint bids.
Comments
0 comment