Reliance Industries Limited and BP have announced a partnership between the two companies. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, and Robert Dudley, BP Group Chief Executive, signed the relationship framework and transactional agreements in London.
The partnership across the full value chain comprises BP taking a 30% stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.
The partnership will combine BP's deepwater exploration and development capabilities with Reliance's project management and operations expertise.
Mukesh Ambani said: "We are delighted to partner with BP, one of the largest energy majors and one of the finest deep water exploration companies in the world. This partnership combines the skills of both companies and will be focused on finding more hydrocarbons in the deep water blocks of India and significantly contribute to India's energy security."
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