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RIL, BP to acquire Niko Resources’ 10% stake in gas block

Reliance Industries (RIL) and British energy giant BP Plc is planning to acquire their cash-strapped partner Niko Resources’ 10% stake in gas discovery block NEC- 25 in the Bay of Bengal.

RIL is the operator of the block with 60% interest, while BP of the UK has 30% stake. Niko’s 10 per cent interest will be split between RIL and BP in proportion to their equity stake.

Gas discoveries in North-East Coast block NEC-0SN-97/1 (NEC-25) hold recoverable reserves of 1.032 trillion cubic feet.

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