Reliance To Acquire Tullow's Interest in Indian Offshore Blocks

India's government has approved Reliance Industries' acquisition of five offshore oil and natural gas blocks from Tullow Oil. The agreement to acquire interest in the blocks should be executed within two weeks.

Approval has been received for the acquisition of GK-OSJ-1, KG-ON-1, GS-OS-5, CB-ON-1 and GK-ON-90/2 oil and gas blocks, which are located offshore Gujarat in western India. Details of the transaction were not released.