BP to continue with Ambani firm even after exclusivity with Reliance ends

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BP to continue with Ambani firm even after exclusivity with Reliance ends - Business Standard

Quick Summary:

Global supermajor BP Plc's exclusivity with Reliance Industries Ltd has ended but the energy giant will continue to pursue oil and gas as well as mobility ventures in India with the Mukesh Ambani firm owing to an unwritten strategic partnership, BP's outgoing India head Sashi Mukundan said.BP in 2011 spent USD 7.2 billion to acquire 30 per cent interest in 23 oil and gas blocks of Reliance.

Eastern offshore KG-D6 block was the cornerstone of the deal that also provided for a 10-year exclusivity period which meant that BP would take up energy projects or investments in India only in partnership with Reliance.

The firm has so far invested more than USD 12 billion across the energy value chain including bringing on stream three new deepwater natural gas projects in KG-D6 that account for one-third of India's gas production.