Reliance Industries Ltd may tie-up with Chevron Corp of US to make joint bids for oil and gas blocks on offer in the latest round of New Exploration Licensing Policy.
"Chevron is keen to expand its presence in India. It has agreed to spend $300 million to buy a 5 per cent stake in a refinery being built by Reliance. The company is now interested in exploration and production opportunities," a source familiar with the development said.
In the previous NELP rounds, Reliance had partnered Niko Resources of Canada and Hardy Oil of the UK. Niko had 10 per cent stake in blocks Reliance won in NELP-I while Hardy also took minority interest in the blocks Reliance won in subsequent four rounds. Reliance was the operator in all five rounds.
The California-based Chevron, which did not take part in the previous five rounds of NELP, had expressed keeness to participate in the latest tender at the roadshows held in Houston last month to promote NELP-VI, the source said adding a partnership may result only after the firms are able to decide as to who would be the operator of the blocks.
Reliance officials were not available for comments.
Chevron, which currently has a lubricant blending and marketing operation in India, was also looking at partnering Reliance for marketing natural gas produced from the Indian firm's D-6 field in Krishna Godavari basin off the Andhra coast, sources said.
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