RIL sells 80% in Iraqi blocks to Chevron

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”.