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Shell ‘seeking 30% D6 stake’

Upstreamonline: Shell ‘seeking 30% D6 stake’

By Upstream staff

Anglo-Dutch supermajor Shell is reported to be considering a bid for a 30% stake in Reliance Industries’ interest in the D6 deep-water gas discovery in the Krishna-Godavari basin off India’s east coast.

India’s Economic Times newspaper reported today that the bid for the stake could be worth $6.7 million, valuing the field at about $22 billion.

However, a spokesman for Reliance denied that any deal was in the pipeline.

Reuters reported last week that a Shell source had told it the company was in talks to take a stake in the field. The agency also quoted unnamed Reliance sources as saying the company was considering selling a 10% stake of its holding.

The D6 field is believed to hold gas reserves of 14 trillion cubic feet.

The Economic Times reported that fellow supermajors ExxonMobil, Chevron and BP, as well as heavyweights BG Group, Total, Eni and Petrobras were reported to be interested in the field.

Reliance owns a 90% stake in the D6 block, while Canada’s Niko Resources holds 10%.

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16 April 2008 05:17 GMT  | last updated: 16 April 2008 05:42 GMT

http://www.upstreamonline.com/live/article152483.ece

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