Reliance Industries Ltd.

Reliance Industries (RIL) and ONGC are in discussion with Venezuela's state oil company PDVSA to explore Ayacucho and Boyaca fields. According to Venezuelan Oil Minister Rafael Ramirez, Venezuela will partner with Reliance to develop a block in the South American country's Orinoco extra heavy crude belt.

The company’s net profit for second quarter ended September 30, 2012 declined by 5.74% at Rs 5376 crore as compared to Rs 5703 crore for the corresponding quarter of the previous year, the company was expected to report net profit of Rs 5370 crore for the quarter. The company’s total income registered 16.03% growth at Rs 92447 crore for the quarter under review against Rs 79671 crore for the similar quarter ended of previous fiscal. Further, the GRMs for the second quarter were reported at $9.2/bbl versus $7.6/bbl.