Reliance Industries Ltd is in talks with Italy's Eni SpA for a stake swap in oil exploration blocks in East Timor, the Economic Times of India reported, citing a Reliance official.
"There has been some discussion with Eni," the paper quoted PMS Prasad, Reliance's head of petroleum business, as saying.
Eni was awarded five exploration blocks in the Timor Sea in 2006, while Reliance has won an offshore block in the same region.
The East Timor government is keen that Reliance and Eni should join hands in exploration and production of hydrocarbon in the region, according to the report.
(AFX News, 20/03/2007)