BP acquires 30% stake in 23 Reliance blocks, including the Dhirubhai gas field
On 21 February 2011, BP announced that it will pay up to US$9 billion for a 30% stake in 23 blocks including the producing D6 area and 22 other exploration blocks in India. An initial payment of US$7.2 billion dollars will be made in three parts during 2011. This will be followed up by further payments of up to US$1.8 billion depending on exploration success. The transaction marks another bold move by BP who is seeking to re-build its upstream credentials post Macondo. Through the deal, BP ...