Reliance Industries Ltd.

UK's BP plc has surrendered 9 out of the 21 oil and gas blocks purchased from Reliance Industries, in a deal aggregating to the worth of $7.2 billion, due to poor hydrocarbon prospects. BP last year bought 30 per cent stake in 23 oil and gas blocks of RIL including the gas discovery areas of KG-D6 and NEC-25. The Cabinet, however, approved of BP taking stake in 21 blocks.

The joint venture between Reliance Industries and BP is currently focused on reviving the flagging eastern offshore KG-D6 fields and bringing the Mahanadi basin NEC-25 discoveries to production.

Recently, Oil ministry has rejected Reliance Industries’ (RIL) request for revising price of gas from the company's Andhra offshore field before the due date of April 1, 2014, as this would push up the government's subsidy burden by $6.3 billion.