RELIANCE-LD BP 2 LAST

"Completion of the transactions is subject to Indian regulatory
approvals and other customary conditions," the statements said.
Reliance-BP joint venture will also endeavour to accelerate the creation of
infrastructure for receiving, transporting and marketing of natural gas in
India. The 23 oil and gas blocks together cover approximately 2,70,000
square kilometres. Reliance Chairman and Managing Director Mukesh
Ambani said: "This partnership combines the skills of both companies and
will be focused on finding more hydrocarbons in the deep water blocks of
India and significantly contribute to India's energy security." For
BP, Reliance is a natural partner in India, given its strong position in the
Indian market. "This partnership meets BP's strategy of forming
alliances with strong national partners, taking material positions in
significant hydrocarbon basins and increasing our exposure to growing energy
markets," said Carl-Henric Svanberg, Chairman of BP. Reliance has more
than 25 blocks in the East coast - in the Mahanadi basin, the
Krishna-Godavari basin and the Cauvery-Palar basin. In KG-D6 block,
Reliance has so far made 27 oil and gas discoveries, of which it has put two
gas discoveries - Dhirubhai-1 and 3, and one oil find - MA - into
production. It had in 2008 submitted development plan for nine
satellite gas discoveries around Dhirubhai-1 and 3. In 2009, it
withdrew this and submitted an optimised development plan for prioritising
four satellite gas discoveries to the Directorate General of Hydrocarbons
(DGH). An integrated development plan for all gas discoveries in the
block KG-D6 is being conceptualised to maximise capital efficiency and
accelerate monetisation. "By allying ourselves with Reliance, we will
access the most prolific gas basin in India and secure a place in the fast
growing Indian gas markets, creating a genuinely distinctive BP position,,"
said BP CEO Dudley. "BP looks forward to a long and successful working
partnership with Reliance." PTI