Niko can hike stake in RIL blocks by 30%

Our Bureau Mumbai | Updated on February 22, 2011

Canada's Niko Resources will have the option of increasing its stake by 15 per cent in the oil and gas blocks in India where Reliance Industries is its partner.

This is consequent to the recent move by RIL to offer 30 per cent in its blocks to British Petroleum for $7.2 billion. “Niko Resources was informed about our partnership with BP. As per the contractual provision, Niko can increase by 30 per cent of their current holdings,” said RIL in a statement. 

As a result, Niko will have the option of hiking its stake in the D6 and NEC 25 blocks to 13 per cent from 10 per cent and in D4 to 19.5 per cent (from 15 per cent).

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Published on February 22, 2011
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