KG Woes Dog Reliance - BP Combine as Revival Attempts Fail to Inspire

摘要

JV partners BP-RIL's attempts to revive production in the KG field through sidetracking of some of the wells which have been shut down due to high water and sand ingress has not shown good results. Given the circumstances prevailing in the D-6 block, it is no wonder that there were no takers for the 10% stake that cash strapped Niko wanted to sell in the block. Niko is now admitting candidly that it may find it difficult "to continue as a going concern" as it has begun defaulting on its loan repayments but lenders - saddled with loans worth over $ 300 million - are not taking immediate action because most of the company's assets are not saleable at this point in time.