RIL-BP surrenders 9 oil and gas blocks

A total of nine oil and gas blocks, under their joint venture have been surrendered by Reliance Industries (RIL) and its partner, UK's energy giant BP.

BP farmed-in or acquired a 30-per cent stake in 21 blocks being operated by RIL in 2011 for $7.2 billion.

NDTV quoted sources saying that the nine blocks had been surrendered due to poor prospects.

The channel reported the main focus for the joint venture right now was the gas discovery areas of KG-D6 block and NEC-25, off the eastern offshore of the country.

Another official, speaking on condition of anonymity, told NDTV that some more blocks might also go, and that the joint venture could focus on the best prospects in the east coast.

Currently, the joint venture was focused on revival of the falling gas production in KG-D6 fields and bringing the Mahanadi basin block NEC-25 discoveries to production.

Talking on the sidelines of the ongoing oil and gas conference, Petrotech-2012, BP India head Sashi Mukundan declining specific comment on the news item reported by NDTV, however, said, the company wanted to focus on quickly increasing production and finding more oil and gas.

Mukundan added, the company was still hopeful of increasing production from D1&D3 by 2015.