Reliance Industries is seeking crude equity in the oil exploration projects globally as part of its strategy to be an international energy major.

Anil Ambani, vice chairman and managing director of RIL said, "We are seeking crude equity on a global basis. We will prefer locations closer to India."

Equity is usually picked up in the oil blocks which ensure oil equity to the extent of the stake held by the company.

He, however, ruled out any equity for natural gas and stressed that "the company would only seek for oil equity. We think that the country has tremendous potential for gas and by 2015-20 India will be net exporter of gas."

Reliance already has picked up 12 per cent in oil block in Yemen. The Yemen block produces about 90,000 barrels of oil per day, three times of the level of production from the Panna, Mukta oil and gas fields in the western offshore of India.

"We have 12 per cent interest in the block and towards that extent we can buy oil from the field. Whether we get into trading of crude and physically bring it in India or sell it, is up to us," Ambani said while briefing mediapersons on Reliance Industries second quarter results.

On the future capital expenditure, Ambani said that Reliance Industries will spend Rs 2,500 crore (Rs 25 billion) in the next 3-4 years in the oil and gas sector whilst another Rs 1,500 crore (Rs 15 billion) in the refining and marketing segment.

Reliance which has struck gas at the Krishna-Godavari basin, off Kakinada cost in Andhra Pradesh will go in for drilling production phase in early 2004.

The gas will go in for commercial production within 24-36 months of drilling. Reliance has already drilled 8 wells of which it has received nod from government to commercially develop Dhirubhai 1, 2 and 3 wells.