BP (BP.LN) is reportedly in talks with Indian energy major Reliance
Industries (500325.BY) to buy a 30% to 45% stake in the D6 hydrocarbon block in
a basin off
India
's
east coast, according to press reports. This deal, if it happens, will allow BP
to start looking further afield for investment, says Atif Latif, trader at
Guardian Stockbrokers.
He adds that should the Rosneft (ROSN.RS) deal not go
ahead, then it BP will continue to look at other joint ventures. He says BP are
on the charm offensive to gain other worldwide contracts and this would be a
positive move for the oil major. BP declines to comment and Reliance Industries
is not immediately available to comment. BP +1.7% at 484p.