BP plc has made a partnership agreement with Reliance to find oil and gas in the KG-D6 fields.

BP plc, the oil and gas company, said that it has made a $7.2 billion partnership deal with Reliance Industries to find gas and oil at the KG-D6 fields, as part of its plan to acquire a 30 percent stakes in 23 oil and gas blocks of Reliance, and is now awaiting government approval.

A BP plc official said, “We believe this partnership will combine BP plc’s world-class deepwater exploration and development capabilities with Reliance’s project management and operations expertise to help India in its quest for energy security”.

BP plc shares were at 44.21 at the end of the last day’s trading. There’s been a -2.3% movement in the stock price over the past 3 months.

Source: eMoneyDaily