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Monday 30 July 2018

Reliance to sell entire stake in Cambay Basin to Sun Petrochemicals




Reliance Industries Ltd (RIL) said it has agreed to sell its entire 70 percent stake Gujarat’s Cambay Basin block to Dilip Shanghvi-promoted Sun Petrochemicals Pvt Ltd (Sun Oil and Natural Gas) for an undisclosed amount, reported Mint.
Reliance has a 70 percent participating interest in the oil and gas block CB-ONN-2003/1 (also called CB-10) while BP India holds the balance 30 percent.
“RIL signed a sale and purchase agreement (SPA) with Sun Petro to farm out its 70 percent interest in the block. The application for assignment has been submitted to the Government of India for approval,” RIL said in a presentation to analysts.
RIL is the operator of the block, which covers 635 sq. km and is divided into two parts, A and B. It had won the block in 2005 in an auction in New Exploration and Licensing Policy (NELP).
With the sale of CB-10, RIL now holds only four blocks—KG-D6 block in the Krishna Godavari basin; Mahanadi basin blocks NEC-25 and GS-01 in Saurashtra basin; and Panna-Mukta-Tapti oil and gas fields in the Arabian Sea. RIL will shut down the MA oil and gas field in KG-D6 from September.

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