LONDON (TheStreet) -- BP (BP) - Get Report is paying $7.2 billion to India's Reliance Industries in a gas and oil partnership.

The deal will give London-based BP a 30% stake in 23 oil and gas production sharing contracts that Reliance operates in India, the companies

said in a news release

. It will also create a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India.

The joint venture will also focus on creating infrastructure for receiving and transporting natural gas in India, the release added.

Also included in the deal are future performance payments of up to $1.8 billion. These payments, along with combined investment in the joint venture, could total $20 billion, the companies said.

BP's U.S.-listed shares closed Friday down 17 cents at $47.93. U.S. markets were closed Monday in observance of Presidents Day.

London-listed shares of the petroleum giant were trading 1 pence higher at 494 pence at around 1 p.m. local time Monday.

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This article was written by a staff member of TheStreet.