"We have an existing pact with Santos, and now we have bid for two-three blocks in Australia, along with the Australian company," Prasad said. He said the Mukesh Ambani-promoted company is also eyeing exploration assets in Peru and Columbia.

Prasad said the company was not keen on stake in producing or discovered oil and gas fields overseas. "We are staying away from producing and discovered blocks as the returns do not justify prices," he said.

The company's strategy of being interested only in exploration blocks differs from the strategy that most other global oil companies are adopting.

Companies such as Brazil's Petrobras, Italy's ENI, the Netherlands-based Shell and the US oil majors are focussing on buying stakes in proven or producing oil and gas assets as it reduces the risk involved in not discovering hydrocarbons.

Petrobras and ENI recently picked up stake in two of ONGC's [Get Quote] discovered gas blocks in India.

Prasad said RIL was also eyeing stakes in existing refineries in the US and West Asia. "Bigger companies in the US are rationalising their portfolio in refinery projects. We are looking at what makes sense for us to pick up stake in these refineries," Prasad said.

He said the company was also looking at refinery upgrade projects in Iraq.

RIL has interests in exploration of overseas blocks, one each in Yemen and Oman. The company had oil discoveries in the onshore Malik 9 block in Yemen. The development plan for the block has been approved by Yemen and test production commenced in December 2005.

In the Oman offshore block where RIL is the operator, seismic data have been collected and 2D reprocessing of data is underway. RIL has also signed a technical evaluation agreement with Columbia's hydrocarbon regulator ANH and also entered into a co-operation agreement with Columbian national oil company Ecopetrol.