RIL-BP to surrender nine out of 21 blocks
To focus on increasing gas and oil production
U.K.’s BP plc and Reliance Industries Limited (RIL) are going to focus on increasing oil and gas production from their assets in future despite having surrendered nine out of the 21 blocks due to poor prospects. BP, which had bought 30 per cent stake in RIL for $7.2 billion, is a partner in 21 blocks despite having bought stake in 23 blocks as the Cabinet had only approved its partnership in 21 blocks in the KG-D6 basin.
Publication Date:
16/10/2012