भाइयों रेलिंइस कंपनी भी वेदेशी कंपनी के हाथों में बिक चुकी इसने हमारे देश के तेल के कुए बेच दिए है British पेत्रोलयूम नाम की कंपनी को
भारत स्वाभिमान
भाइयों रेलिंइस कंपनी भी वेदेशी कंपनी के हाथों में बिक चुकी इसने हमारे देश के तेल के कुए बेच दिए है British पेत्रोलयूम नाम की कंपनी को
Reliance Industries Limited (RIL) and British Petroleum (BP) earlier this week announced a partnership to accelerate creation of infrastructure to receive, transport and marketing of natural gas in India. Under the joint venture, BP will get a 30% stake in 23 oil and gas blocks belonging to Reliance in India.
As part of the deal, BP will pay RIL an aggregate consideration of USD 7.2 billion, and completion adjustments, for the interests to be acquired in the 23 production sharing contracts. Future performance payments of up to USD 1.8 billion could be paid based on exploration success that results in development of commercial discoveries. These payments and combined investment may amount to USD 20 billion.
Speaking exclusively to CNBC-TV18, Sashi K Mukundan, Country Head of BP said that it will seek government approval for the deal with RIL later this week. "We are already in advanced stages of putting the papers together and have informed the PMO and the Oil Ministry about the deal with RIL last week," Mukundan said.
Mukundan said the company will be represented in the management committee for its 30% stake. "There will be an overarching technical committee with equal rights," he said.
Explaining the contours of the way forward for the deal, he said RIL and BP will need to build LNG terminals. He said it is too early to say if the new LNG terminal will be in Jamnagar or Kakinada. Mukundan said the new JV will be incorporated in three to six months, adding that at some point in the future the JV would want to explore entering the downstream business via refining.
Mukundan said that Canada's Niko Resources has not communicated about hiking its stake in the KG-D6 block.
Sashi K Mukundan, Head of BP India, in an interview with CNBC-TV18’s Shereen Bhan and Nayantara Rai, talks on the fine print of the deal.
Below is the verbatim transcript of the interview. Also watch the accompanying video.
Q: When are you finally going to formally seek the government’s approval as far as this deal is concerned?
A: We plan to do it before the end of this week. At the worst cases, it will probably slip into next week. We are far advance in putting all our papers together for the approval.
Q: The Oil Secretary, S Sundareshan said that he had been informally informed about the deal. What kind of initial feed back have you got from the government?
A: We met the ministry as well as the Prime Minister's office to inform them that we were close in terms of completing the deal. We gave them a feel for the magnitude of the deal. The reception has been extraordinarily positive. They felt that this deal was best for the country as well as the two companies. It’s a win-win all around.
Q: You will be represented at the management committee for the decision making. How will this alliance work on the ground?
A: We would have a participating interest. In addition to that, Reliance has a great track record of operations as well as project management and they will continue to do that.
As far as BP comes in, it will be more with its technology, understanding of the subsurface and an observation on each of these exploration blocks and developments. We will have an overarching technical committee, where we would have equal rights and both parties will go through each block to make a joint decision.
Q: This will be an overarching technical committee, but there is a third party in the KG D6, Niko Resources, which has a 10% stake. On Thursday, Niko said that it has the option of hiking its stake by 30%, which means it can have a 13% stake in KG D6. Has Niko communicated anything to you at all about that?
A: It is not that we haven’t heard about it. It might be a discussion with our new partner, Reliance.
Q: On the day of the deal, Mukesh Ambani and Bob Dudley said that it was the beginning of a partnership. What else can we expect from this alliance? There have been a lot of speculations like ruling out the shale gas posibility. What else can we expect?
A: At this point, our focus is to assimilate these 23 blocks. Once we do that, we will set up a 50-50% joint venture. The gas marketing side in the India is growing very fast. Gas, as a clean fuel, would play a very important role.
We are looking at getting the gas to the market efficiently. We will look at possibilities of building infrastructure for the same. In addition, BP has a vast gas experience globally, and we would be bringing in LNG, pool it with the domestic gas and then try to get it to the market.
Q: Under the gas utilisation policy, pricing and marketing are heavily regulated at the gas sector. The government has the final word as far as gas pricing is concerned. Wouldn’t it be restrictive for you?
A: The prices have been set through a market mechanism. Even the D6 price was done through a transparent process, where they did a discovery in the market and then set the price. The government has been approving prices, which are even higher for some of the other fields.
As time goes on, we will see corrections in the prices and see them moving up. Depending on the performance of each of these blocks, we will have more gas coming on. Some of the gases are difficult to find, which will need support in terms of pricing to bring into the market. The government is flexible and will make the right decision.
Q: The Director General of Hydrocarbons (DGH) hasn’t approved Reliance’s plans. Is that a cause of concern for you at this point of time?
A: No. Once we get in, along with our partners, we will jointly review it and have a discussion with DGH and the ministry. Everybody is looking for a solution to bring more gas into the market. There is a huge shortage of gas in India and people are thirsty to get more gas. It is critical for us to get quickly as much gas as we can into the market.
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MUKESH KAJAL
विशिष्ट सदस्य, भारत स्वाभिमान
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mukesh kajal
kmoksha rishi
ॐ
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