• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 4 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs

BP, Reliance To Invest $6B In India’s Deepwater Offshore Gas

UK supermajor BP and India’s Reliance Industries Limited will invest US$6 billion in the development of three projects from already-discovered deepwater gas fields offshore India, BP said in a statement on Thursday.

BP and Reliance will award contracts to continue the development of deepwater gas fields in Block KGD6 off India’s east coast. This project is seen coming on stream in 2020 and producing up to 12 million cubic meters (425 million cubic feet) of gas a day.

The companies intend to file development plans for the other two projects with the Indian government by the end of this year, BP said. The three projects, when developed, are expected to bring a total of 1 billion cubic feet of gas a day in new domestic gas production, and are expected to start production between 2020 and 2022.

We are delighted to progress these developments, which will provide India with much needed indigenous energy and support the Prime Minister’s call for import substitution and the development of a gas-based economy,” Reliance Industries’ chairman and managing director Mukesh Ambani said in the statement.

According to BP, India’s current natural gas consumption is more than 5 billion cubic feet a day, and it aims to double gas consumption by 2022. Gas from the three new projects is expected to help cut India’s dependence on imports and account for over 10 percent of India’s expected gas demand in 2022.

Apart from the deepwater gas projects, BP and Reliance also agreed to expand their partnership in India’s downstream sector, where BP has a solid presence, and in areas including differentiated fuels, mobility, and advanced low-carbon energy solutions.

Back in 2011, BP acquired a 30-percent stake in many oil and gas blocks in India operated by Reliance Industries, including the KGD6 block. Since then, the two companies have invested a total of US$1.6 billion in deepwater exploration and production, BP said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News