Vinson & Elkins Reps Reliance In $7.2B Deal With BP

Law360, New York (February 22, 2011, 12:58 PM EST) -- BP PLC is partnering with India's Reliance Industries Ltd. to develop deepwater oil and gas resources off the coast of the subcontinent as part of a $7.2 billion deal that could ultimately be valued at $20 billion.

BP will take a 30 percent stake in 23 of Reliance’s oil and gas production sharing contracts in India, and the two companies will form a joint venture to source and market gas in India, according to the terms of a deal announced on Monday.

“This partnership combines the...
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