News: Reliance eyes UK's Wood Group

(RTR 18/10/2006) Mumbai - India's top private company Reliance Industries Ltd (RIL) is in talks to acquire British energy services firm Wood Group (John) Plc, the Economic Times newspaper reported on Wednesday.

"RIL's talks with the Wood Group are in line with its exploration and production plans, which now envisage doubling of production to almost 80 million metric standard cubic metres per day by 2008," the newspaper said, quoting unnamed sources.

A Reliance spokesman was not available for an immediate comment.

The newspaper said Reliance was on the look-out to acquire energy services and rig companies in Europe and was in talks with at least two to three companies with a profile similar to that of the Aberdeen, Scotland-based Wood Group.

Reliance Industries, which is India's most valuable firm with a market cap of $37.2 billion, plans to invest up to $ 5 billion in getting natural gas on shore from its block off India's east coast, which is now estimated to hold reserves of up to a massive 35.4 trillion cubic feet and 6,700 barrels of oil.