BP to Pay $7.2 Billion for India Energy Fields Stake

[Viva_La_Revolution]

Source: NYTimes

MUMBAI — The British oil giant BP said Monday that it would pay $7.2 billion to buy into India’s fast growing oil and gas industy. It is BP’s second big deal in two months, as it seeks to rebuild after last year’s Gulf of Mexico oil spill.

BP will take a 30 percent stake in 23 oil and gas fields operated by Reliance Industries, India’s largest private company. Reliance would receive an additional $1.8 billion if the companies found more oil and gas than expected.

The companies also said they would create a 50-50 joint venture to buy, transport and market natural gas, which is increasingly in demand in India as the country’s economy grows at nearly 9 percent a year.

Read more: http://www.nytimes.com/2011/02/22/business/global/22bp.html?smid=tw-nytimes&seid=auto