RIL, Ecopetrol sign deal for deep water blocks

Mumbai: Reliance Industries (RIL) exploration unit, Reliance Exploration and Production DMCC (REP) and Columbian oil company Ecopetrol SA have signed an agreement for exploring two deep water blocks.

Under the agreement, the Columbian firm will take a 20 per cent stake in the two deepwater blocks -- Borojo North Block 42 and the Borojo South Block 43. REP will hold the remaining stake in the two blocks.

The two blocks cover an area of 8,000 sq km in water depths ranging from 60-1500 metres. The deal is still pending for approval from Columbian Government.