Reliance Industries Limited (RIL) and BP announced that they are moving forward to develop ‘R-Series’ deepwater gas fields in Block KGD6 off the east coast, bringing new gas production for India. The two companies have agreed to deepen and expand their partnership to work jointly across a wide range of areas throughout India’s energy sector.
This is the first of three planned projects in Block KGD6 that are expected to be developed in an integrated manner, producing from about 3 trillion cubic feet of discovered gas resources.
Mukesh Ambani, Chairman and Managing Director of RIL, 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.”
Speaking in New Delhi, Bob Dudley, BP Group Chief Executive, welcomed the investment: “This is an important step forward for BP in India. Working closely together, Reliance and BP are now able to develop these major deep water gas resources offshore India efficiently and economically. It is testament to our commitment to working in partnership with Reliance and with the Government to produce more energy in India, for India”.
The implementation of other two projects in Block KGD6 is subject to applicable regulatory and Government approvals.