Niko may be forced to exit Reliance KG-D6 block
Niko Resources, which is struggling to meet its investment obligations, may sell its 10% stake in KG-D6 block60% of which is held by Reliance and 30% BP Plc
Mumbai: Canada-based Niko Resources Plc may have to exit its holding in the D6 block in the Krishna-Godavari basin as the cash-strapped company is struggling to meet its investment obligations, according to the company. Niko has a 10% stake in the KG-D6 block, off the country’s east coast. Mukesh Ambani-controlled Reliance Industries Ltd holds 60% and BP Plc owns a 30% stake. Niko’s cash flow has been impacted by the failure of its oil and gas operations in Bangladesh, Indonesia and Trinidad.