BP in talks to buy stake in Reliance gas block

Tuesday, 8 February 2011 00:01 - - {{hitsCtrl.values.hits}}

MUMBAI (Reuters) - BP Plc is in talks with Indian energy major Reliance Industries to buy a 30 to 45 percent stake in the D6 hydrocarbon block in a basin off India’s east coast, the Mint newspaper reported on Monday citing a person with knowledge of the development.

Reliance is pumping 52-53 million cubic metres of gas a day from the Krishna Godavari block, less than the 60 million cubic metres it produced last year, but the country’s upstream regulator has said output could rise by April.

Officials at Reliance and BP could not immediately be reached for a comment.