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

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

AWE makes gas discovery under existing Senecio field

09/18/2014 AWE Ltd., Sydney, has increased the worth of its Senecio gas field in permits L1/L2 in the onshore Perth basin of Western Australia with a discover...

EGPC awards two Gulf of Suez concessions to RWE Dea

09/18/2014 Egyptian General Petroleum Corp. (EGPC) has awarded two concessions in the Gulf of Suez to RWE Dea AG, which said the awards stem from Internationa...

Eni reports second major oil find in as many days

09/18/2014

Eni SPA has made an oil discovery with the Oglan-2 exploration well on Ecuador’s Block 10, 260 km southeast of Quito.

 

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