Reliance Industries Ltd.

Reliance Industries (RIL) is reportedly planning to acquire 20% stake in Venezuela’s Ayacucho-8 block. The company is also in talks for an 11% stake in the $20-billion Carabobo-1 project in Venezuela. Moreover, the Carabobo-1 project, in which RIL is planning to buy 11%, was surrendered by Malaysia’s Petronas recently.

In Venezuela, the company is looking for heavy oil upgrade projects and a farm-in at Carabobo-1 block. Earlier in October, RIL and Petroleos de Venezuela (PdVSA) had signed agreement for Ayacucho-8 block in Orinoco Oil Belt.