Reliance Industries and BP will invest Rs 40,000 crore ($6 billion) to produce 30-35 million cubic metres a day of gas from new fields in the Krishna-Godavari Basin, RIL chairman Mukesh Ambani and BP chief executive Bob Dudley said, strengthening a longstanding relationship.
BP and RIL also announced a strategic partnership for initiatives in transport and aviation fuel retailing and a big push to jointly tap global opportunities in the low-carbon energy domain, which includes transportation and renewable energy -an initiative that Ambani said would take Indian technology and innovation to the world market. The two plan to award contracts to develop the R-Series deep-water gas field that is expected to produce up to 12 million cubic metres of gas a day from 2020. The companies plan to submit a development plan for two more projects by the end of 2017. Together, the three fields are expected to produce 30-35 million cubic met res of gas a day by 2022.
“We have seen over the last two years the change in policies and support that has given us the confidence with Reliance to make this very significant investment,“ Dudley said. “We have reprioritised our global investments to include these projects.“