No talks with Chevron for partnership in D6: RIL

Reliance Industries Ltd, which recently demerged its overseas oil and gas projects, is debating hiving off its giant Krishna-Godavari gas field, but ruled out talks for inducting US energy major Chevron as equity partner.

"Is it the the right time (to hive off) the gas field, I don't know as I don't think so" Reliance Industries CEO (Oil & Gas) P M S Prasad told reporters in Kakinada.

He said a potential hiving off a gas field will certainly unlock value for the shareholders, but at present the company was not immediately doing so.

"To say we will do it now is not correct and when it will, and if at all it will happen I cannot say right now," Prasad said. Reliance Industries Limited had the courage to take risk, the money and the ability to source technology -- the three driving factors for inducting a technology partner, he said.

"We are not in discussions with Chevron for inducting them as a strategic partner in the D6 field," Prasad said, adding,  "We are not interested in sheer cash... We are interested in upstream exploration outside India and if a partner brings that we would look at giving them a stake in D6."

This means Reliance will give a stake in D6 provided it gets a commensurate stake in an overseas oil and gas field. RIL has already hived off its overseas oil and gas business into a separate entity -- Reliance Exploration and Production DMCC in Dubai -- and is understood to be planning a tie-up with ONGC Videsh Ltd to bid for opportunities abroad.