Reliance Industries Ltd.

Reliance Industries has signed a new 15-year supply contract with Venezuela for oil supply on September 25, 2012. Venezuela, South American OPEC nation was currently sending 270,000 barrels per day (bpd) to Reliance under a 2008 agreement, but has increased the amount of oil it is sending to between 300,000 bpd and 400,000 bpd.

The company is also keen to help the Venezuelan state oil company PDVSA develop a project in the Orinoco extra heavy crude belt. It is going to work together in the Ayacucho area and particularly in Boyaca block 4. The Venezuelan government is pinning hopes for its oil industry on a string of ambitious projects to develop the Orinoco belt, which is one of the biggest mostly-untapped reserves of hydrocarbons left in the world.