RIL eyes stake in Venezuela crude oil block

Is looking to pick up 11% stake in Petrocarabobo project that was surrendered by Malaysia's Petronas

Energy major Reliance Industries is looking to pick up an 11% stake in Venezuela's Petrocarabobo project that was recently surrendered by Malaysia's Petronas, and is eyeing exploration assets in Mexico, a company official said.

"We are also looking to participate in the heavy oil upgrades project and a farm-in in the Carabobo-1 block, taking over the participating interest of Petronas," Swagat Bam, senior vice-president at Reliance said on Tuesday.

He was speaking at the Petrotech 2014 industry conference.