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RIL sells 80% stake in two Kurd blocks to Chevron
Reliance Exploration and Production DMCC, a wholly owned subsidiary of Reliance Industries Ltd. (RIL) has completed the transaction for divestment of its 80% working interest and operatorship in the production sharing contracts (PSCs) for the Rovi and Sarta Blocks in the Kurdistan Region to subsidiaries of Chevron Corporation.
OMV will continue to maintain its 20% interest in each of the two blocks.
Reliance’s exit from the blocks is in line with its portfolio rationalization strategy of international assets and to create value for the E&P segment. Reliance will continue to look for opportunities to invest globally.