Reliance may seek a foreign partner for its Cauvery asset

23 July 2007

New Delhi: The Cauvery asset of Reliance Industries Ltd may require an international partner.

Sources said international oil companies including Chevron have shown some interest, and Reliance is said to be favourably entertaining these prospects.

According to the sources, RIL would most probably prefer a partner who can offer technical expertise along with the capacity to share financial risks, and provide some specialised manpower.

As per industry experts, if RIL brings in an international partner after hitting some measure of success in the blocks, the partner would enter the arrangement at a premium.

The company has been successful in completing drilling activities and striking hydrocarbon reserves on the East Coast, including the Krishna Godavari and Cauvery basins.

While the Cauvery block is ultra deepwater, there are some areas in Krishna Godavari which also fall into the category.