Reliance to sell its entire stake in Cambay Basin to Sun Petrochemicals

Mumbai: Reliance Industries Ltd (RIL) agreed to sell all of its 70% The Cambay Basin Block of Gujarat was sold to Sun Petrochemicals Pvt Ltd (Sun Oil and Natural Gas), company promoted by Dilip Shanghvi, for an undisclosed amount Reliance holds a 70% stake in oil and gas blo CB-ONN-2003/1 (also called CB-10) while BP India holds the balance of 30%.

"RIL has signed a sale and purchase agreement (SPA) with Sun Petro to exploit its 70% stake in Block.The application for badignment has been submitted to the Indian Government for approval", said RIL in a presentation to badysts Friday. Mint reported in March that RIL and BP had put up for sale their Cambay block.

RIL is the block operator that covers 635 km2 and is divided into two parts, A and B. He had won the block in 2005 in an auction in the new policy of exploration and development. license (NELP).

With the sale of CB-10, RIL now holds only four KG-D6 block blocks in the Krishna Godavari Basin; Mahanadi Basin Blocks NEC-25 and GS-01 in the Saurashtra Basin; and the Panna-Mukta-Tapti oil and gas fields in the Arabian Sea. RIL will close the MA gas and gas field at KG-D6 from September

In 2011, RIL announced a "transformational" agreement with BP Plc, which took 30% stake in its 21 oil and gas companies . blocks. However, since 2012, both companies have pruned their portfolios, abandoning non-viable blocks.

RIL also sold all of its 16 blocks of conventional oil and gas exploration that it has acquired in the past. In its international portfolio, RIL now holds two shale gas badets in the United States. In October 2017, it agreed to sell the first of its shale gas deposits – Marcellus shale gas badets upstream in northeastern and central Pennsylvania to the US – for $ 126 million

. himself. Last month, RIL submitted an application to the Reserve Bank of India under the Exchange Management (Cross-Border Merger) Regulations 2018 for the approval of Reliance Holdings USA Inc, with Reliance Energy Generation and Distribution Ltd (REGDL)

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On Friday, LIR officials said the merger would help the company's debt. Company plans to consolidate its international gas resources for India, such as its ethane imports.

Between 2010 and 2013, RIL purchased interests in three upstream oil exploration joint ventures with Chevron, Pioneer Natural Resources and Carrizo Oil and Gas; and an intermediate joint venture with Pioneer. Midstream refers to the treatment, storage, transportation and marketing of hydrocarbons.

Last March, RIL, through its subsidiaries Reliance Eagleford Upstream Holding LP and Reliance Holding USA, agreed to sell a portion of its stake in Eagle Ford's shale badets to Sundance Energy Inc. for one hundred million

. Mon 30 July 2018. 12 36 hours. IST