When the Cabinet Committee on Economic Affairs (CCEA) meets on Thursday to discuss the USD 7.2 billion Reliance Industries -British Petroleum (RIL-BP) deal, it will consider BP picking up 30% participatory interest in 21 and not 23 of RIL's oil and gas blocks as envisaged in the transaction by the two companie, reports CNBC-TV18's Nayantara Rai.
Oil ministry will take a decision on the remaining two blocks NEC-DWN-2002/1 and AS-ONN-2000/1 at a later stage.
Sources say the upstream regulator DGH had concluded that consent right now can only be given for 21 blocks and not for the other two on technical grounds.
RIL's Canadian partners, Niko Resources and Hardy Oil and Gas, have also given a conditional no objection certificate to RIL for 6 blocks. The two companies have retained the rights to hike interest by up to 5% and 15% from RIL's share as they want the same terms as offered to BP.
No comments:
Post a Comment