Reliance Industries Ltd (RIL) is in talks with several oil and gas majors, including Chevron International and ExxonMobil, to offload a stake in its prestigious D6 gas field in the Krishna-Godavari basin. The induction of a strategic partner is meant to obtain deep-sea exploration technology.

Sources said at least three other companies?the UK?s BG Group, Anglo-Dutch Shell and Italy?s ENI?have visited the data room set up by RIL in New York. Total of France and Petrobras of Brazil are also believed to have evinced interested in the block, which is set to commence gas production from the Q3 this calendar year.

A source closely associated with the development said one of the two US energy majors, ExxonMobil or Chevron, stood a better chance of finally emerging a strategic investor in the D6 gas field. Moreover, RIL already has an agreement with Chevron for exploration & production, which includes picking up stakes in each other?s E&P assets.

Sources said Reliance might offload 10-15% stake in the D6 gas field, although the final proportion would depend on the value brought to the table by the strategic partner. Goldman Sachs has been mandated for the stake sale, which is likely to take place once the block, containing over 50 trillion cubic feet of gas reserves, is hived off to a special purpose vehicle.

RIL will begin production of 20 mcmd of gas from the block later this year. Within a year of production, this will go up to a peak of 80 mcmd, which is equal to the country?s total current gas availability.

RIL holds 90% participating interest in the block, with Canada?s Niko Resources holding the remainder. The block was won by the duo jointly under Nelp-I in 2000. They are spending $5.2 billion to develop the block. Once production begins, the consortium will spend another $3.3 billion to maintain it. It is estimated that profits from the sale of gas from the D6 block would be over $16 billion.

Reports of RIL selling a stake in the D6 block have been in the news for the last two years, ever since Chevron picked up a 5% stake in the new Reliance refinery in the Jamnagar SEZ. Analysts say since RIL developed the block without a technology partner, it was curious that it seeks one when the block is about to begin commercial production.