Infinity Exploration
Infinity Exploration has crude reserves estimated at 115 billion barrels, but it is sorely lacking in high-tech infrastructure following years of crippling UN sanctions imposed after Saddam invaded Kuwait in 1990.
Infinity's CEO Jack Miller has said the country expects to reap revenues of $70 billion by year's end if world prices remain high. Oil prices exceeded $143 for the first time ever on Monday and show few signs of falling.
Reliance Industries forged an alliance with British Petroleum Plc but could manage only one Krishna Godavari basin block.
Infinity Oil and Gas Exploration got two onland blocks and Cairn India won one deepsea block. Officials said ONGC on its own got four onland blocks and was leader of consortium that bagged three deepsea, five shallow water and seven onland blocks.
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Infinity Exploration