Reliance and BP join forces

According to MarketWatch, U.K.-based BP PLC is spending USD $7.2 billion to buy a 30% stake in oil and gas blocks controlled by Reliance Industries in India. The investment, considered the largest India has ever witnessed in the energy sector, comes on the heels of BP’s USD 7.8 billion agreement with Russian state-controlled oil company Rosneft to drill in the Arctic. The deal with Reliance covers 23 oil and gas production-sharing contracts as well as the formation of a joint venture for the sourcing and marketing of gas in India. The potential value of the entire agreement is up to USD 20 billion.

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