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RIL, BP acquires Niko Resources’ 10 percent stake in KG-D6 block

Tuesday, 17 Sep 2019
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Reliance Industries (RIL) and UK's BP have taken over 10 percent shareholding of their partner Niko Resources in the eastern offshore KG-D6 block. Niko Resources defaulted on paying for its share of gas field development cost.

 

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan has given 'unconditional' nod to RIL and BP for taking over 10 percent interest of Niko Resources in KG-DWN-98/3 or KG-D6 block in the Bay of Bengal. RIL and BP split Niko Resources share in proportion to their existing shareholding in the block.

RIL’s stake in KG-D6 has gone up to 66.67 percent from previous 60 percent and that of BP to 33.33 percent from 30 percent. In addition, if the defaulting party does not cure a default within 60 days of the default notice, the non-defaulting parties have the option to require the defaulting party to withdraw from the KG-D6 PSC and JOA. Reliance and BP are investing USD five billion to bring to production three sets of new discoveries in KG-D6 block.

R-Series will be the first to start output in mid-2020 with about five mmscmd of daily production. The peak from R-Series is expected at 12 mmscmd. Satellite fields in the same block will go live a year later and are expected to contribute a peak output of seven mmscmd.

MJ field will start production in second half of 2022 with peak production of about 12 mmscmd. RIL has so far made 19 gas discoveries in the Bay of Bengal block.

Of these, Dhirubhai-1 and 3 (D1 & D3) -- the largest among the lot -- were brought to production from April 2009 and MA, the only oilfield in the block, was put to production in September 2008. The output from D1 and D3 has dwindled to just 1.7 mmscmd after touching a peak of 54 mmscmd in 2010.

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