RIL pulls out of Peru

Reliance Industries Limited (RIL) has pulled out of the last oil block it held in Peru, trimming its overseas assets to just two properties in Myanmar. In 2007, the group established Reliance Exploration and Production primarily for acquiring overseas assets. It had steadily acquired 15 conventional oil and gas assets – four in Peru, three in Yemen (one producing and two exploratory), two each in Oman, Kurdistan and Colombia and one each in East Timor and Australia. It last bagged two oil and gas exploration blocks in Myanmar in 2014. However, gradually, the company exited most of its international assets and is now left with just two exploration blocks in Myanmar – M17 and M18. RIL holds a 96 per cent stake in each of the two blocks with the remaining 4 per cent being held by a local company.


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