Crore In Energy Projects In India

by Frankie Norman June 18, 2017, 0:14
Crore In Energy Projects In India

This would also develop their existing deep water gas fields in India's eastern offshore to bring to fresh production 1 billion cubic feet per day of natural gas by 2022.

The gas project is expected to reduce the country's import dependence by 10 per cent.

BP Chief Executive Bob Dudley and Reliance Chairman Mukesh Ambani, who met India's oil minister Dharmendra Pradhan in New Delhi on Thursday, will hold a news conference later in the day.

The companies will first award contracts for work in the R-series ultra-deepwater gas fields in the block, lying 70 km offshore.

RIL-BP now produce gas from Dhirubhai-1 and 3 field and oil and gas from MA field, three of the over one-and-half dozen discoveries made in KG-D6 block.

The partnership goes back to 2011, when BP paid Dollars 7.2 billion for a 30% stake in the blocks operated by Reliance (60% stake).

The projects range from expanding established business lines-gasoline stations and liquefied natural gas imports-to futuristic options such as developing "differentiated fuels" and "mobility solutions, addressing electrification, digitization and disruptive mobility trends". The renewed agreement between the two companies will also include exploring non-conventional energy sources such as advanced low-carbon fuels and renewable energy, apart from investing in downstream businesses, including retail fuel outlets.

"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.

BP had entered into a partnership with RIL in 2011 with a 30 per cent stake in multiple oil and gas blocks operated by RIL in India, including KGD6. Reliance and BP have invested around $1.6 billion to May this year in deep-water exploration and production. The latest arbitration is against government demanding $1.55 billion compensation from RIL and its partners for "unfairly" producing ONGC's gas.

The question and answer session starts, and reporters ask the RIL and BP chiefs ask what has changed in India's energy policy landscape to warrant a big investment. But output from the KG basin D6 block, expected to contribute up to a quarter of India's gas supply, has fallen drastically since April 2010.

This new and historic co-operation will evaluate opportunities in trading that could optimise the value of existing products like oil, gas, fuels, LNG, power and carbon.

"India has a lot of natural gas off the east coast".

ยท BP in India: With many investments in India and employing around 7,500 people in the oil, gas, lubricants and petrochemicals businesses, BP is today the largest global oil company in India.

Shares in BP were trading up 1.0% at 465.40 pence on Friday. RIL is the first private sector company from India to feature in Fortune's Global 500 list of "World's Largest Corporations" - now ranking 215th in terms of revenues, and 126th in terms of profits.


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