Canadians, Indians Find Oil, New al Qaeda Target

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Calvalley, Reliance consortium finds oil in Yemen

MUMBAI, April 8 (Reuters) – A consortium led by Canada’s Calvalley Petroleum (CVIa.TO: Quote, Profile, Research) that includes India’s Reliance Industries Ltd (RELI.BO: Quote, Profile, Research) has struck oil in a block in Yemen, Reliance’s president for international business said on Tuesday.

“We have drilled a well and there are oil shows, but we have not tested the oil so far,” Reliance’s Atul Chandra told Reuters, confirming a report in the Economic Times.

“All indications are there that is oil there and testing will be done subsequently,” he said, adding it was too early to ascertain the production profile of the find.

The Economic Times said the oil find in Qarn Qayamah 2 well in Block 9 was significant and the consortium was in the process of evaluating its commercial potential.

Calvalley owns 50 percent of the block, and Reliance and Yemen’s Hood Oil hold 25 percent each.

Reliance also holds stakes in Block 34 and 37 in east Yemen.

The company, which has been pursuing petroleum exploration activities in the Middle East, Asia-Pacific region and South America, has 33 exploration blocks in India and 11 blocks overseas.

In recent months, it has signed production-sharing contracts for oil acreages in Oman, Australia and Colombia.

Last December, Chandra told Reuters that Reliance aimed to produce 300,000 barrels per day (bpd) overseas to help ensure sufficient supplies for its refining operations in India.

Reliance runs a 660,000 bpd refinery in western Indian state of Gujarat and its subsidiary Reliance Petroleum Ltd (RPET.BO: Quote, Profile, Research) is setting up another 580,000 bpd unit at the same complex. (Reporting by Hiral Vora; Editing by John Mair)

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