BP & Reliance to revive India investments
18 June 2017
BP, a world leading integrated oil and gas company with numerous locations in the US, and Reliance Industries Ltd. will invest as much as USD $6 billion to restart work in Indian oil and gas blocks after eight years, in an area off the South Asian country’s east coast where both companies have faced trouble boosting production.
The companies aim to develop about 3 trillion cubic feet of resources that will result in production of an additional 30 million to 35 million cubic meters a day of gas from the D6 block in the Krishna Godavari basin between 2020 and 2022, Bob Dudley, chief executive officer of BP, said recently.
BP and Reliance are resuscitating their partnership after coming together in 2011. “BP and Reliance are committed to being one of India’s preferred energy partners now and in the future,” Reliance Industries Chairman Mukesh Ambani said.