BP PLC (BP.LN) Monday said it will take will take a 30% stake in 23 oil and gas production contracts operated by Reliance Industries Limited (500325.BY) for $7.2 billion, as part of a new partnership between the two companies.

BP could also pay future performance payments of up to $1.8 billion depending on the development of commercial discoveries from exploration. The total payments could amount to $20 billion.

The 50:50 joint venture for the sourcing and marketing of gas in India also aims to accelerate the development of infrastructure for receiving, transporting and marketing of natural gas in India .

" India is one of the fastest growing economies in the world. By allying ourselves with Reliance, we will access the most prolific gas basin in India and secure a place in the fast growing Indian gas markets, creating a genuinely distinctive BP position," said BP Chief Executive Bob Dudley.

At 1130 GMT, BP shares were up 1 penny or 0.10% at GBP494 pence.
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