Reliance Industries Limited has converted its technical evaluation agreement with Agencia Nacional de Hydrocarburos of Colombia to hydrocarbon production and exploitation contracts for two offshore blocks, Borojo North and Borojo South. These contracts will in due course be assigned to REP DMCC, a 100% subsidiary of RIL.

The contracts envisage exploration of the two blocks located in the Pacific Ocean, west of Colombia, in water depths reaching upto 1,500 meters. Each block size is estimated to be approximately 4,000 square kilometers. Reliance Industries Limited (RIL) has carried out comprehensive geological studies before selecting these blocks.

The contract provides a six-year exploration period consisting of four phases of 18 months each, with exit right at the end of each phase. Over these six years, the company is expected to drill upto two wells in each block, apart from conducting seismic, multi beam and heat flow surveys.

The exploration budget for the two blocks is close to $50 million.