CEO of BP Bob Dudley said during his address the BP-RIL have agreed to progress on R-series gas field development of KG-D6 block.
BP Chief Executive Bob Dudley, appearing alongside Reliance Chairman Mukesh Ambani at a news event in New Delhi, told reporters the additional investment signalled its confidence in India. Development of the three projects, with total investment of c. INR 40,000 crore (US$6 billion), is expected to bring a total c. 30-35 million cubic metres (1 billion cubic feet) of gas a day new domestic gas production onstream, phased over 2020-2022. "Working closely together, Reliance and BP are now able to develop these major deep-water gas resources offshore in India, efficiently and economically".
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The companies will submit development plans for government approval by year-end 2017, BP said. The rest of the stake is held by RIL (60 percent and BP 30 percent).
India, the world's third-largest oil importer, has said it will move gradually to a gas-based economy, and its demand is expected to grow rapidly as the country industrialises.
"With oil prices being low and capital being scarce we have to choose very carefully the projects that will be competitive in our global portfolio", Dudley said, highlighting the potential that it sees at its Indian operations. They will jointly explore options to develop differentiated fuels, mobility and advanced low carbon energy businesses in India. Since then, the two companies have invested over Rs 10,000 crore ($1.6 billion) in deepwater exploration and production up to May 2017, according to information given by RIL.More news: Rep. Steve Scalise still in critical condition after being shot
Some of the areas of operation that Ambani hinted at include fuel for electric vehicles and renewable energy.
RIL and BP will expand their existing partnership for strategic cooperation on new opportunities across India's energy sector. "We expect to collaborate, in addition to the conventional fuels and aviation marketing, on unconventional mobility solutions, addressing electrification, digitisation and disruptive mobility trends", Ambani said.More news: Treat semis against India as opportunity, not big match: Bangla coach
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