RIL, BP to buy out Niko stake in NEC-25

The Canadian major was trying to get buyers for its shares in Krishna-Godavari basin and NEC-25

Niko Resources of Canada is in the process of selling its 10 per cent participating interest in Reliance Industries Ltd (RIL)'s gas discovery in block NEC-25 off Odisha coast to RIL and BP plc. 

“NEC25—DOC was reviewed by Management committee for Discovery D32. The application for assignment of NIKO PI (10 per cent) to BP and RIL has been submitted and same is awaiting GoI approval,” RIL said in a statement following its results. 

The Canadian major, which was facing a financial crunch, was trying to get buyers for its shares in Krishna-Godavari basin and NEC-25. The block is expected to have reserves to the tune of 1.032 trillion cubic feet.