{"id":307876,"date":"2019-12-31T11:38:33","date_gmt":"2019-12-31T06:08:33","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=307876"},"modified":"2019-12-31T11:41:48","modified_gmt":"2019-12-31T06:11:48","slug":"niko-exits-kgd6-after-settlement-of-36-m-with-ril-bp","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/niko-exits-kgd6-after-settlement-of-36-m-with-ril-bp\/","title":{"rendered":"Niko exits KGD6 after settlement of $36 m with RIL, BP"},"content":{"rendered":"<p>NEW DELHI: Niko Resources has exited the KGD6 block, settling its arbitration with Reliance Industries and BP for $36 million and letting the two partners take over its 10% stake in the block, said the Canadian company\u2019s statement. <\/p>\n<p>Niko had invoked arbitration after Reliance and BP asked the Canadian oil and natural gas company to exit the KGD6 block as it had defaulted on cash call. RILNSE -0.87 % and BP then owned 60% and 30% participating interest respectively in the KGD6 block. Following the settlement, their stakes have risen. <\/p>\n<p>\u201cNiko had entered into a settlement agreement with Reliance and BP under which it agreed to withdraw from D6 production sharing contract and settle its arbitration case filed under the rules of the London Court of International Arbitration in December 2017 in exchange for a settlement amount of $36 million, subject to adjustment prior to closing,\u201d Niko said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: Niko Resources has exited the KGD6 block, settling its arbitration with Reliance Industries and BP for $36 million and letting the two partners take over its 10% stake in the block, said the Canadian company\u2019s statement. Niko had invoked arbitration after Reliance and BP asked the Canadian oil and natural gas company to exit the KGD6 block as it had defaulted on cash call. RILNSE -0.87 % and BP then owned 60% and 30% participating interest respectively in the KGD6 block. Following the settlement, their stakes have risen. \u201cNiko had entered into a settlement agreement with Reliance and [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,191,136],"tags":[],"class_list":["post-307876","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/307876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=307876"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/307876\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=307876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=307876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=307876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}