In one of the country’s biggest energy deals, Reliance Industries today announced sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to UK’s BP Plc for USD 7.2 billion.<\/p>\n
Besides the stake transfer, Reliance and BP will form a 50:50 joint venture for the sourcing and marketing of gas, the companies said in identical statements today.<\/p>\n
Reliance has a portfolio of 29 exploration blocks besides the 30 per cent interest it holds in the Panna\/Mukta and Tapti oil and gas fields off the west cost.<\/p>\n
Of the 29 exploration blocks it has, Reliance is farming-out 30 per cent interest in 23 of them including the producing KG-D6 block which is estimated to hold an inplace reserve of 40 Trillion cubic feet (tcf).<\/p>\n
BP will pay Reliance an aggregate consideration of USD 7.2 billion and future performance payments of up to USD 1.8 billion.<\/p>\n
The companies said these payments and the combined future investments in the 23 blocks could amount to USD 20 billion in total.<\/p>\n","protected":false},"excerpt":{"rendered":"