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Reliance, BP to invest $6bn in deepwater gas fields in India

Published 16 June 2017

Reliance Industries (RIL) and BP have announced an investment of $6bn in new fields in the Krishna-Godavari Basin, India, to produce 30-35 million cubic metres a day of gas.

The first of the three projects to be developed by RIL and BP include ‘R-Series’ deepwater gas fields Block KGD6 off the east coast of India.

Located approximately 70km offshore, the Re-Series (D34) project is a dry gas development in water-depths of more than 2,000 metres.

The companies plan to award contracts to develop the R-Series gas fields that is expected to produce up to 12 million cubic metres of gas a day from 2020.

RIL and BP plan to submit a development plan for the other two projects in Block KGD6 before the end of 2017. The implementation of these projects is subject to regulatory and government approvals.  

While RIL owns 60% participating interest in Block KGD6, BP and NIKO hold 30% and 10%, respectively. RIL is also the operator of the block.

Since 2011, RIL and BP have invested over INR 10000 crore ($1.6bn) in deepwater exploration and production in the period to May 2017.

RIL chairman and managing director Mukesh Ambani said: “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.

“The solid relationship between our two companies is a great example of what can be achieved while working together at scale.”

The three projects are expected to provide employment of up to 20,000 skilled labour during the construction period over the next 5 years.

The two companies also expanded their partnership in downstream and in other areas including differentiated fuels, mobility and advanced low carbon energy solutions.

Besides, they expect to partner on unconventional mobility solutions, addressing electrification, digitization and disruptive mobility trends.


Image: The Re-Series (D34) project is a dry gas development in water-depths of more than 2,000 metres. Photo courtesy of num_skyman/FreeDigitalPhotos.net.