BP Relinquishes 12 Oil, Gas Blocks in India

BP Plc has relinquished 12 out of the 21 oil and gas blocks where it had bought 30 per cent stake from India's Reliance Industries Ltd (RIL) for $7.2 billion, due to poor hydrocarbon prospects, Press Trust of India reports. The British energy firm had bought the stake in 2011.

"As part of continued evaluation of high grade the portfolio and focus our efforts, 12 of the blocks acquired were relinquished in 2012," BP said in its annual report for 2013, PTI reported.

The joint venture is currently focused on reviving the flagging eastern offshore KG-D6 fields offshore east India and bringing the North-East Coast NEC-25 discoveries to production.

BP in its annual report said it along with RIL continued to work on activities that will help ramp up output from KG-D6.