RIL, BP Relinquish Two More Oil, Gas Blocks in India

Reliance Industries (RIL) and its partner BP have surrendered two more oil and gas blocks in India, Press Trust of India reported late last week.

After this move their tally stands at four exploration acreages from 21 they held four years back. Since 2012, RIL and BP have been pruning their portfolio, shedding less viable acreage.

RIL said block KG-DWN-2003/1 is been surrendered because of operational restrictions imposed by the Defence Ministry while CY-PR-DWN-2001/3 was relinquished as prospectivity was not commensurate with the high geological risk involved, Press Trust said.

RIL had 60 per cent in KG-DWN-2003/1 while BP had 30 per cent and Hardy Oil, 10 per cent. In CY-PR-DWN-2001/3, RIL had 70 per cent interest and BP 30 per cent.

In the annual report, RIL said 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 four blocks including KG-D6 and gas discovery areas of NEC-OSN-97/2 (NEC-25) and CY-DWN-2001/2 (CY-D5).

It also has western offshore block GS-OSN-2000/1 with Hardy Oil. Besides, RIL holds two coal-bed methane (CBM) blocks in Madhya Pradesh. 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.