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RIL completes sale in Yemen oil block

Posted on Dec 05, 09:17PM | UNI

Reliance Industries Limited (RIL) today said its wholly owned subsidiary, Reliance Exploration and Production DMCC, has signed documents for divestment of its 25 percent working interest in the Production Sharing Contract (PSC) for Yemen Block-9 with Medco Yemen Malik, a wholly owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia.

The transaction has been approved by the Ministry of Oil and Minerals of Yemen, RIL said in a statement.

Block 9 is an exploration and production block located in the province of Hadramaut, Republic of Yemen, about 350 kilometers (KM)north-east of the Yemeni capital, Sana'a.

The Block, which is located within the Sayun-Masila Basin, has an area of 2,234 square kilometers, in which some of its area has previously been explored, it added.