RIL may take over some of BP's foreign assets: Dudley
29 September 2011
BP global chief executive Bob Dudley said in a newspaper interview on Wednesday that the oil exploration giant will discuss divesting some of its assets in Europe and North America to Reliance Industries Ltd as it seeks to deepen its partnership with RIL, which BP is now partnering in Indian oil and gas finds.
Bob Dudley told The Economic Times the company had announced $25 billion to $30 billion worth of divestments and would continue to manage its portfolio with more asset sales.
BP has acquired a 30-per cent stake in 23 oil and gas blocks in India from RIL in a deal worth $7.2 billion, the single largest foreign direct investment in India.
Reliance chairman Mukesh Ambani had said on Wednesday the company's partnership with BP would not be limited to India, but was initially focusing only on opportunities in the country.
"I will sit down with Mukesh and the team at Reliance and see what their aspirations are and there may be prospects there," Dudley said.
"There might be some divestments, they might be joining us in some projects, or it could be that we identify new projects together -- acquisitions, entry into other kinds of projects, so I think all the scope is there," he told the newspaper.