<p>BP plans to buy 30 per cent stake in 23 oil and gas blocks of Reliance Industries, including the eastern offshore Krishna Godavari basin KG-D6 fields in a $7.2 billion deal. <br /><br />Reliance has seen output at KG-D6 fall from 61.5 million standard cubic meters per day achieved in March 2010 to less than 48 mmscmd currently due to reservoir problems. It is pinning hopes on BP for reviving sagging output which according to plans should have touched 69 mmscmd by now.<br /><br />The deal, which also includes Reliance and BP setting up an equal joint venture for sourcing and marketing of gas, would give “BP a material and immediate footprint in one of the fastest growing gas markets in the world - India.”<br /></p>
<p>BP plans to buy 30 per cent stake in 23 oil and gas blocks of Reliance Industries, including the eastern offshore Krishna Godavari basin KG-D6 fields in a $7.2 billion deal. <br /><br />Reliance has seen output at KG-D6 fall from 61.5 million standard cubic meters per day achieved in March 2010 to less than 48 mmscmd currently due to reservoir problems. It is pinning hopes on BP for reviving sagging output which according to plans should have touched 69 mmscmd by now.<br /><br />The deal, which also includes Reliance and BP setting up an equal joint venture for sourcing and marketing of gas, would give “BP a material and immediate footprint in one of the fastest growing gas markets in the world - India.”<br /></p>