Wood Group denies approach by Reliance

Vol 10, PW 13 (19 Oct 06) News in Brief

UK-listed oilfield services firm Wood Group has categorically denied it is in sell-out talks with Reliance.

We have had no contact with Reliance, Wood Group spokeswoman Carolyn Good tells PETROWATCH from Aberdeen. No discussions have taken place.

Reliance wants to buy a drilling company. We dont do drilling.

Adds Good: People are speculating Reliance is looking at us only because we are the largest oilfield services company in the UK. On 15th October Reliance boss Mukesh Ambani told Britains Sunday Times he wants to buy an oil drilling and engineering firm.

Were looking at buying companies in North Sea oil, in Scotland, said Ambani. Theres a lot of talent there.

We have to get experienced talent in Europe to go and find oil in the more frontier areas. There is more than 20 years of North Sea experience in the UK and we could deploy it globally.

On 18th October, Indias Economic Times suggested Reliance might be about to acquire the Wood Group.