Reliance sells 30% interest to BP

The government of India has approved sale of 30% interest in Reliance Industries Ltd. to BP, according to reports by Dow Jones.

Offshore staff

NEW DELHI, India – The government of India has approved sale of 30% interest in Reliance Industries Ltd. to BP, according to reports by Dow Jones. The sale involves $7.2 billion plus $1.8 billion more depending upon exploration success.

The agreement covers 23 oil and gas blocks, including D6 in the Krishna-Godavari basin, but the government has approved sale of only 21 blocks with the other two still under consideration.

07/25/2011

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