BP in Deal With Reliance to Take India Stakes

London, BP PLC said Monday it will last up to 30% interest in 23 producing oil and gas agreement will be a Reliance Industries Ltd., 7.2 billion U.S. dollars as part of a new partnership between the two companies.

BP may also be paid fees for future performance up to 1.8 billion dollars, depending on the exploration and development of commercial discoveries. Payments could total $ 20 billion.

The 50/50 joint venture for gas supply and marketing in India also aims to accelerate the development of infrastructure for receiving, transporting and marketing natural gas in India.

"India is one of the fastest growing economies in the world. Allying ourselves by Reliance, we have access to the most prolific gas basin in India and in a safe place for the gas market is rapidly expanding in India, to create a real distinctive position of BP, "said BP CEO Bob Dudley.