Reliance-BP Deal Gets OK from Indian Govt

Reliance Industries Limited received approval from the Government of India to assign a 30% interest in 21 oil and gas producing sharing contracts to BP.

Under the agreement, BP will receive a percentage in 21 blocks that Reliance operates in India, including the producing KG D6 block. The original deal called for BP to acquire a stake in 23 blocks, but the government approval relates to only 21 blocks. Reliance said it would continue to seek approval for the remaining two blocks. 

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