Reliance sells 30% stake in 23 PSCs off India to BP

By OGJ editors
HOUSTON, Feb. 21--
Reliance Industries Ltd. announced it was selling a 30% stake in 23 oil and natural gas production sharing contracts to BP PLC for $7.2 billion along with future performance payments of up to $1.8 billion depending upon development of commercial discoveries.

These payments and combined investment could reach $20 billion, BP said in a news release. BP and Reliance also are forming a 50:50 gas marketing joint venture in India. The joint venture is expected to accelerate the creation of infrastructure for receiving, transporting, and marketing gas.

The 23 oil and gas blocks, including the producing KG D6 block, together cover 270,000 sq km. Reliance will continue to operate these blocks, which are in 400-3,000 m of water. The blocks produce about 1.8 bcfd.

The companies said the transaction was one of the largest foreign direct investments into India.

Related Articles

BLM seeks comments on Noble’s proposed Nevada gas exploration

03/27/2014 The US Bureau of Land Management is seeking comments on Noble Energy Inc.’s proposed natural gas exploration drilling on leases it holds in the Tab...

Kansas-Missouri heavy oil area draws new operator

03/26/2014 Worthington Energy Inc., San Francisco, said it will attempt to recover heavy oil on the Barr Cattle Co. lease near Chetopa in southeastern Kansas.

Myanmar awards exploration blocks

03/26/2014 Myanmar’s energy minister has announced winners for 20 of the 30 offshore blocks that have been available since its auction launch in April 2013.

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected