State-run Oman Oil Company (OOC) has informed that it has acquired stakes in two of the oil concessions blocks operated by Reliance Industries in the Gulf of Oman.

As per official sources, OOC has purchased 30% stake in block 18 as well as 25% share in block 41 from Reliance Industries.

While commenting on the occasion, Mr. Atul Chandra, director of exploration and production at Reliance stated, "We are selling the stake to Oman Oil Company because we want to share the costs."

Reliance, which runs the world's major refining complex, had bought the two offshore blocks when it entered into an Exploration and Production Sharing pact with Oman's oil ministry in fiscal 2005.

As per reports of media, Oman has inked a number of exploration pacts with foreign companies with the aim to increase oil production in the Arab state.