RIL, Chevron may bid together for NELP-VI blocks

Reliance Industries may sign a deal with US-based Chevron Corporation to make joint bids for oil and gas blocks on offer in the sixth round of the New Exploration Licensing Policy (NELP-VI).

"Chevron is keen to expand its presence in India. It has already agreed to spend $300 million to buy a 5% 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.

Reliance had partnered Niko Resources of Canada and Hardy Oil of the UK    In the previous NELP rounds. While Niko had 10% stake in blocks Reliance won in NELP-I, Hardy also took minority interest in the blocks Reliance won in the subsequent rounds. Reliance is the operator of blocks won in all the five rounds.

The California-based Chevron, which did not take part in the previous five rounds of NELP, had expressed interest to participate in the latest tender at the roadshows held in Houston last month, 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.