RIL had sold its 80 per cent stake in two Iraqi blocks to Chevron for an undisclosed amount. However, according to several reports, the deal is valued at around $200 million though neither RIL nor Chevron revealed the deal size.
A statement from the NYSE-listed Chevron Corporation said its subsidiaries “will acquire Reliance Exploration & Production DMCC’s 80 per cent interest and operatorship of the production sharing contracts (PSCs) covering the Rovi and Sarta blocks. The blocks are located north of Erbil and cover a combined area of approximately 490 square miles (1,124 square kilometres)”. In a statement, RIL said the “exit from the blocks is in line with its portfolio rationalisation strategy of international assets and to create value for the E&P segment. Reliance would continue to look for opportunities to invest globally”.