RIL bags oil and gas block in Peru...

Reliance Industries has for the first time teamed up with China's China National Petroleum Corporation (CNPC) to win an oil and gas block in Peru in an effort to expand presence in Latin America.

Reliance Exploration and Production DMCC, a fully owned subsidiary of Reliance Industries, along with CNPC and Argentina's Pluspetrol last week won rights to explore for gas in Block 155, in the southern highland department of Puno, next to the border with Bolivia, industry sources said.

Meanwhile, Jindal Steel and Power teamed up with Enigma Oil and Gas Exploration (Pty) to win onshore blocks 147, 159 and 153 in Peru's 2008 bidding round that auctioned 17 new oil and gas blocks. Reliance-CNPC-Pluspetrol offered royalty of 24.58 per cent to the Peruvian government, while Jindal-Enigma offered 30.02-32.03 per cent royalty, sources said.

Source: Business Standard