Reliance, BP Relinquish Another Indian Gas Block

Reliance Industries (RIL) and its partner in India BP have surrendered one more oil and gas block, reducing their tally to 5 from 21 exploration acreage they held three years back, reports Press Trust of India.

In 2011, RIL and BP announced a deal when the British firm bought 30 per cent stake in Indian company's 23 oil and gas blocks. However, the Indian government allowed partnership in only 21 blocks.

Since 2012, RIL and BP have been pruning their portfolio, shedding not so viable acreage. This year, they shed CY-PR-DWN-2001/3 or CY-D6 block. 

According to Press Trust, RIL said in an investor presentation that its current portfolio includes producing KG-DWN-98/3 or KG-D6 block in Bay of Bengal and Panna/Mukta and Tapti oil and gas fields in the western offshore.

With BP, it is left with 5 blocks including KG-D6 and gas discovery areas of NEC-OSN-97/2 (NEC-25) and CY-DWN-2001/2 (CY-D5), Press Trust says.

RIL had won the block CY-PR-DWN-2001/3 in the third round of New Exploration Licensing Policy (NELP). BP farmed-in with 30 per cent stake in 2011.