RIL-BP's $9 bn deal nailed down

Mumbai, Feb 21: Reliance Industries Limited (RIL) have signed a deal with oil major British Petroleum (BP) on Monday, Feb 21. The deal between RIL and BP is reportedly worth of $9 billion. This is believed to be a great move made by RIL chief Mukesh Ambani and BP CEO Bob Dudley.

The spokesperson of RIL stated, "The partnership will combine BP's world-class deep-water exploration and development capabilities with Reliance's project management and operations expertise."

In a further statement, the company also informed, "The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India," and the statement also continued, "This includes producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India."

Meanwhile, Mr Ambani stated, "We are delighted to partner with BP, one of the largest energy majors and one of the finest deep water exploration companies in the world. This partnership combines the skills of both companies and will be focused on finding more hydrocarbons in the deep water blocks of India and significantly contribute to India's energy security"

OneIndia News