BP-RIL Give Up Nine Oil, Gas Blocks

British energy major BP has surrendered nine out of the 21 oil and gas blocks where it had bought 30% stake from Reliance Industries, due to poor hydrocarbon prospects, Press Trust of India has reported.

BP had last year bought the 30% stake in a total of 23 oil and gas blocks of RIL, including the gas discovery areas of KG-D6 and NEC-25. The cabinet had, however, approved of BP taking stake in 21 blocks.

The joint venture is currently focused on reviving the flagging eastern offshore KG-D6 fields and bringing the Mahanadi basin NEC-25 discoveries to production.

D1&D3 fields have seen output fall from 53-54 million standard cubic meters per day achieved in March 2010 to 21-22 mmscmd currently as one-third of the wells ceased due to high water and sand ingress. Together with 5.5-6 mmscmd of output from MA field in the same area, the KG-D6 is currently 26.5-27 mmsmcd.