RIL Surrenders East Timor Gas Block

Reliance Industries Ltd has surrendered its block in East Timor as the company failed to find oil or gas in commercial viable quantities, Times of India reported.

"RIL has surrendered the block after completing the minimum work programme as we did not make commercially viable discovery of hydrocarbons," a company spokesperson told the paper.

With this latest development, RIL now has surrendered three of its 13 overseas blocks. The company had surrendered two blocks in Oman last year. RIL has farmed in Block 39 in Peru with 10% participation interest and relinquished block 155 where it had 28.30% participation interest.

The Indian firm is already struggling to ramp up dwindling gas production in the Krishna-Godavari basin.