The energy giant owns seven exploration assets including two each in Peru, Yemen, Columbia and one in Australia . The company has acreages in areas which fall in 'no-contact' region, which would make exploration activities difficult, sources told CNBC- TV18.
In a move to reduce its exposure to overseas exploration, the company wants to retain only a few of its exploration assets as overseas blocks typically need a lot of exploration to start production.
Meanwhile, rating agency CLSA has said production ramp-ups, capacity expansion, higher gas prices and an aggressive buyback programme could boost Reliance industries' performance. The brokerage has upgraded RIL to outperform with a 12-month target price of Rs 850.
It, however, cautioned that near-term earning momentum looks weak, but at the same time, it sees doubling of Ebitda over five years to $13 billion and a 15% CAGR in net profit which will drive 3 percentage point expansion in returns on equities.