Mukesh Ambani-led Reliance Industries is mulling over brining a new strategic foreign partner for deepwater exploration in its KG Basin D-6 block and is understood to be talking to many players for divesting up to 10 per cent stake.
RIL is considering this deal as part of a long-term strategic move as the company needs a partner for the level of deepwater drilling that is required at this particular block, industry sources said on condition of anonymity.
The potential partners could be among the global energy giants like ExxonMobil, Shell, BP, Total and Petrobras, as these are the companies with required expertise, sources said.
The talks are on with most of the big global energy exploration and production players, they added.
Global investment banking giant Goldman Sachs is one of the key consultants
for the deal and RIL is sharing necessary data with the prospective partners to reach a valuation for the deal, they added.
An RIL spokesperson declined to comment on the matter.
Currently, RIL holds 90 per cent stake in this block, while another 10 per cent is with Nikko Resources.
The sources said the level of divestment has not been finalised as yet, but it could be for up to 10 per cent, adding that the valuation figure was yet to be arrived for the deal.
According to sources, RIL is believed to have reached up to 1,500-2,000 meters of drilling so far and there is scope for 7,000 to 8,000 meters, for which it would need some foreign partners with expertise in this area.
The share price of RIL, the country's most valued firm, zoomed 3.55 per cent in afternoon trade to Rs 2504. It hit an intra-day high of Rs 2523.70.