Executive Director of Reliance Industries (RIL) PMS Prasad has said that the company is looking at oil and gas investment opportunities overseas, particularly in Venezuela. The company has offers for at least from two exploration blocks from the country. RIL, which imports about 3,00,000 barrels of crude oil per day from Venezuela, also plans to increase the quantity, Prasad said in Delhi. It is exploring investment opportunities in Mexico, Iraq, Canada and Myanmar.
Concessions were granted by the Union government to energy firms in India initially under its investor-friendly new exploration licensing policy, but has now denied several contractual rights, retrospectively, Prasad said.
If you expect any investor to come in and invest either in technology or put in investments that are required in exploration, appraisal and development, you need a stable policy regime, he said.