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9/6/2011 - BP ACQUIRES 30% STAKE IN 21 RELIANCE INDUSTRIES PSCs |
| BP completed the acquisition of a 30% stake in 21 Reliance Industries-operated oil and gas production sharing contracts (PSCs) in India, including the producing KG D6 block. The two companies will also form a 50:50 joint venture for the sourcing and marketing of gas in India, which will accelerate the creation of infrastructure for receiving, transporting and marketing natural gas.
BP will pay RIL an aggregate consideration of $7.2 billion, subject to completion adjustments, for the interests to be acquired in the 21 production sharing contracts. Further performance payments of up to $1.8 billion could be paid based on exploration success that results in development of commercial discoveries. |
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