Mukesh Ambani owned Reliance Industries (RIL) is planning to enter Venezuela’s oil and gas upstream space, as it is evaluating the assets. The company aims to acquire participating interests in already discovered areas. Venezuela does not offer exploration acreages, there are only developing or producing assets.
The entity had signed a memorandum of understanding (MoU) with Venezuela’s state oil company, Petroleos de Venezuela, SA to go further with the development of Venezuelan heavy oil fields. As per the MoU, Reliance will explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt.
