RIL, BP to acquire Niko’s 10% stake in gas block

Reliance Industries and British energy giant BP Plc will acquire their cash-strapped partner Niko Resources’ 10 % stake in gas discovery block NEC— 25 in the Bay of Bengal. In mid-2015, Niko had chosen to withdraw from the NEC-25 block and relinquish its interest to the remaining stakeholders. RIL is the operator of the block with 60% interest while BP has 30% stake.