BP pays India's Reliance $7.2b in Energy Deal

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British energy giant BP said Monday that it will pay $7.2 billion (5.3 billion euros) to Mumbai-based Reliance Industries for a 30-percent stake in 23 Indian oil and gas blocks.

"BP will pay Reliance Industries Limited an aggregate consideration of US$7.2 billion, and completion adjustments, for the interests to be acquired in the 23 production sharing contracts," the pair said in a joint statement.

"Future performance payments of up to $1.8 billion could be paid based on exploration success that results in development of commercial discoveries. These payments and combined investment could amount to US$20 billion."

Mukesh Ambani, chairman and managing director of Reliance Industries Limited, and Robert Dudley, BP chief executive, signed the deal on Monday.

"The partnership will combine BP's world-class deepwater exploration and development capabilities with Reliance?s project management and operations expertise," the two groups added.

The Indian news marks BP's latest attempt to move on following the devastating Gulf of Mexico oil spill disaster last year.

Crisis-hit BP reported its first annual loss in almost two decades earlier this month, as a result of the oil spill catastrophe, and outlined fresh plans to shift focus away from the United States.

BP suffered a loss of $4.9 billion last year, the first shortfall since 1992 and compared with a massive profit of $13.96 billion in 2009.

The group has also announced plans to halve its US refining business, less than one month after unveiling a transformational deal with Rosneft to explore the Russian arctic region.

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[ManUtd]

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[sombarey]

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[quote author=patriot link=topic=158367.msg1886221#msg1886221 date=1298308706]
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