In one of the country's biggest energy deals, Reliance Industries has announced sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to UK's BP Plc for 7.2 billion US Dollars. The two companies said in identical statements that besides the stake transfer, Reliance and BP will form a 50:50 joint venture for the sourcing and marketing of gas. Reliance has a portfolio of 29 exploration blocks besides the 30 per cent interest it holds in the Panna-Mukta and Tapti oil and gas fields off the west cost. Of the 29 exploration blocks it has, Reliance is farming-out 30 per cent interest in 23 of them including the producing KG-D6 block which is estimated to hold an inplace reserve of 40 Trillion cubic feet (Tcf). BP will pay Reliance an aggregate consideration of 7.2 billion US Dollars and future performance payments of up to 1.8 billion US Dollars. The companies said, these payments and the combined future investments in the 23 blocks could amount to 20 billion US Dollars in total. Oil Secretary S Sundareshan said the farm-out of stake in the blocks awarded under New Exploration Licensing Policy transaction will need government approval. However, the nature of the approval will be different from Vedanta Resources' 9.6 billion US Dollar acquisition of Cairn India as the Reliance-BP deal is a farm-out agreement and not a transfer of control.