State-owned Oil and Natural Gas Corporation (ONGC) expects a USD 10.3 billion revenue boost from increased oil and gas production, achieved through a partnership with UK's BP in the Mumbai High field.
BP Plc has won a bid to operate ONGC's giant Mumbai High oil and gas field by offering up to 60 per cent increase in output over baseline, the state-owned firm said on Wednesday. State-owned Oil and Natural Gas Corporation (ONGC) had in June last year floated a tender seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake.
The government has slapped a $2.81 billion (about Rs 24,500 crore) demand notice on Reliance Industries and its partners, including BP Plc for gains made from producing and selling natural gas that may have migrated from neighbouring block of state-owned ONGC. This follows the Delhi high court's decision on February 14, overturning an international arbitration tribunal ruling that held the duo not responsible for paying any compensation for the gas they produced and sold which had allegedly migrated from adjoining fields.
Global supermajor BP Plc's exclusivity with Reliance Industries Ltd has ended but the energy giant will continue to pursue oil and gas as well as mobility ventures in India with the Mukesh Ambani firm owing to an unwritten strategic partnership, BP's outgoing India head Sashi Mukundan said. BP in 2011 spent $7.2 billion to acquire 30 per cent interest in 23 oil and gas blocks of Reliance. Eastern offshore KG-D6 block was the cornerstone of the deal that also provided for a 10-year exclusivity period which meant that BP would take up energy projects or investments in India only in partnership with Reliance.
The government last month announced freeing of auto fuel prices from its control, resulting in a Rs 3.50 per litre hike in petrol prices as domestic rates got linked to global movements.
The world's third largest energy firm BP Plc has rubbished India's claims that oil speculators are responsible for a global surge in crude oil prices, saying high prices were a result of production struggling to keep pace with the demand.
British energy giant BP Plc plans to tap rural India with cheap and clean fuel sources besides expanding its solar power business and cooperating in exploration, refining and marketing of fuels.
India's mergers & acquisitions (M&As) market recorded deals worth $45.44 billion in the first half of 2025, up nearly 3.3 per cent from a year ago, even as ultra large-ticket transactions remained subdued. During the first half, the 7.1 per cent rise in deal count to 1,614 signals continuing appetite among domestic conglomerates and private equity (PE) funds for mid-sized and smaller assets.
British oil major BP Plc on Thursday signed an agreement with state-run Hindustan Petroleum Corp Ltd to negotiate a stake in HPCL's Rs 12,000 crore (Rs 120 billion) Bhatinda refinery in Punjab.
India's biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH). The OALP-IX bid round, where 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas, for the first time saw Reliance Industries Ltd-bp plc combine bidding together with ONGC for one block in Gujarat offshore.
Though all the regulatory and ministerial approvals are yet to come in, two working groups with specific mandates have been set up.
After nearly five months wait, the government on Friday cleared UK's BP Plc buying 30 per cent stake in most of Reliance Industries' oil and gas blocks, including the showpiece KG-D6 gas fields, for $7.2 billion.
Due to poor hydrocarbon prospects, BP surrendered nine out of the 21 oil and gas blocks where it had bought 30 per cent stake from Reliance Industries for $7.2 billion
India on Thursday won Vietnam's support for its bid for crisis-hit BP Plc's energy assets in the South Asian country, as Hanoi stressed BP must give priority to its partners in the stake sale.
RIL will get $ 7.2 billion for the stake sale in 21 blocks and could get further $1.2 billion as performance payments based on exploration success resulting into development of commercial deliveries.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
Cabinet Committee on Economic Affairs had on July 22 cleared the sale of stake by RIL to BP in 21 blocks.
Although the Oil Ministry has the authority to decide on Reliance selling 30 per cent interest to BP in 23 exploration blocks, including the prize eastern offshore KG-D6 gas fields, the ministry on Tuesday decided to refer the deal to the CCEA, sources privy to the development said.
India on Tuesday opened its largest oil and gas bid round, offering 25 blocks covering 1.91 lakh square kilometers mostly in offshore area, as the government looks to boost domestic production to cut imports and help energy security. Petroleum Minister Hardeep Singh Puri launched the 10th bid round under the Open Acreage Licensing Policy (OALP) at the India Energy Week (IEW) in Mumbai.
BP Plc's response to the devastating Mexican Gulf oil spill is growing more expensive by the day, with the British energy major revising its costs upward to a whopping $2.65 billion.
Dudley, on a stop-over visit on way to Shanghai, along with Ambani drove to Planning Commission Deputy Chairman Montek Singh Ahluwalia's residence for a breakfast meeting this morning and had sought a meeting with Law Minister Ashwani Kumar.
Reliance Industries Ltd's $7.2 billion asset sale to BP PLC has given it the firepower to expand more aggressively overseas, potentially pitching it into competition with Asian rivals for big oil and gas deals.
BP, which recently bought 30 per cent stake in KG-D6 and 20 other blocks of Reliance Industries for $7.2 billion, is keen to undertake sea-bed surveys this winter season -- the only four months weather window available in Bay of Bengal for such jobs, to acess potential of satellite discoveries in the block and draw blue-print of their development.
British energy major BP Plc has spent $6.1 billion in the aftermath of the devastating oil spill in the Gulf of Mexico, resulting in leakage of millions of barrels of its oil into the sea.
RIL had in February last year submitted a revised field development plan for the MA oilfield, which has been producing crude oil since September 2008.
BP Plc, Europe's second biggest oil company, and Reliance Industries will invest $5 billion in developing untapped gas reserves in the KG-D6 block as the partners attempt to reverse the fall in gas production.
BP Plc, the British energy company, has joined the race to acquire a majority stake in Canadian oil-sand major, Value Creation, with an offer of $1.2 billion. Though the offer is less than Reliance Industries' $2-billion acquisition proposal, given on February 5, agencies reported that BP might set up a joint venture with the Canadian group, and increase its oil-sand holdings by as much as 50 per cent.
Under pressure from the US administration to speed up efforts to contain the oil spill and compensate victims, BP had announced a $20-billion claims fund.
Battling one of the worst oil spills in decades, British energy major BP Plc has so far shelled out $3.5 billion towards containing the disaster.
On his first visit to India after taking over as BP Plc Chief Executive Officer (CEO), Bob Dudley met Prime Minister Manmohan Singh, but what the CEO of the most talked petroleum company of the year did in his less than a day trip was to present "his credentials".
The government nod to Reliance Industries selling 30 per cent stake in its oil and gas blocks such as eastern offshore KG-D6 to London-based BP Plc for $7.2 billion hinges on no-objection certificate (NOC) from Canada's Niko Resources and UK's Hardy Oil and Gas.
In one of the country's biggest energy deals, Reliance Industries on Monday announced sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to the United Kingdom's BP Plc for $7.2 billion.
RIL had in 2006 proposed to invest $2.234 billion in developing the Dhirubhai-26 or MA discovery, the only oil find in the KG-DWN-98/3 (KG-D6) block in Krishna Godavari basin off the east coast.
Warning that expenses could escalate, the oil major pointed out that it is too early to quantify other potential costs and liabilities associated with the incident.
After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said.
RIL and its British partner BP Plc had proposed undertaking concept validation and Front End Engineering Design for all the 16 gas discoveries surrounding the currently producing Dhirubhai-1 and 3 fields in the 7,645 sq km KG-DWN-98/3 or KG-D6 block.
Global energy supermajor BP plc on Thursday said it is about to open its first 'Jio-bp' branded petrol pump in partnership with Reliance Industries near Mumbai.
The market valuation of Reliance Industries, the country's most valued firm, is fast nearing the Rs 10 lakh crore mark, surpassing British energy major BP Plc.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances