Reliance Industries (RIL) today said its exploration arm has entered into an agreement with Columbian state-controlled oil company Ecopetrol SA for two deep water blocks.

In a filing with the Bombay Stock Exchange (BSE), RIL said Reliance Exploration and Production DMCC (REP) has singed an agreement with Ecopetrol under which the Columbian firm would take a 20 per cent stake in the two deepwater blocks -- Borojo North Block 42 and the Borojo South Block 43.

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REP would hold the remaining stake in the two blocks and the deal is subject to approval of the Columbia's upstream regulator, the filing added.

Shares of RIL settled at Rs 1,086, down 1.14 per cent on the BSE today.

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