Reliance funds to fuel search with Niko on blocks in India

Reliance Industries Ltd., one of India's largest conglomerates, has decided to invest 34.62 billion rupees ($750 million) in its partnership with Niko Resources Ltd., Calgary, for exploration of the 12 blocks awarded the firms earlier this year.The companies won nine shallow-water and three deepwater blocks.A first phase investment of 7.92 billion rupees is to span 3 years. The second and third phases call for spending of 11.3 billion rupees and 15.4 billion rupees, respectively.The largest chunk of investment-6.64 billion rupees-will address exploration of the 7,645 sq km Krishna-Godavari deepwater offshore block."Our investments in the first phase will be for conducting seismic surv...

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