Reliance Industries (RIL) said after market hours on Monday, 21 February 2011, that British Petroleum (BP) will take 30% stake in 23 oil and gas blocks of the firm. The deal would fetch Reliance Industries $7.2 billion. RIL would also be entitled to future performance payments of up to $1.8 billion based on exploration success that results in development of commercial discoveries. These payments and combined investment could amount to $20 billion, RIL said in a statement.
RIL may advance on striking a $7.2-billion oil & gas deal with BP - India Infoline.com
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The two petroleum majors have also entered into a 50-50 joint venture for sourcing and marketing of gas in India. The joint venture is also aimed at creating infrastructure for transportation and marketing of natural gas in India. The RIL stock had risen 2.04% on Monday ahead of the announcement. The Central Bureau of Investigation on Monday reportedly questioned Videocon group chairman Venugopal Dhoot and his brother Rajkumar Dhoot as part of the ongoing investigations into allegations irregularities in the allocation of 2G spectrum and telecom licences in 2008.RIL may advance on striking a $7.2-billion oil & gas deal with BP - India Infoline.com
