BP and Reliance Industries Ltd will be going to make joint investment in the offshore KG D6 gas field for about further $ 6 billion or Rs. 40,000 Crores. Both Bob Dudley who is the chief executive of BP and Mukesh Ambani who is the chairman of Reliance Industries have been announced it officially in the latest news event for reporting their additional investment in India with full confidence. In the gas block of the KG (Krishna Godavari) basin, Reliance holds about 60 % of the stake and BP actually owns about 30 % of the stake. The category based Niko Resources Ltd holds a rest of the portion.
Future of India with this investment in offshore gas field:
With this new investment of the project in the gas field, it is estimated to produce about 30 to 35 million cubic meters of the gas in a day for over the years 2020 to 2022. It is definitely a very important step forward for the BP company in India by joining hands with the Reliance industries to prove itself. As both of these companies working closely together, BP and Reliance are currently able to develop such major deep water gas resources offshore economically and efficiently.
In the deep water exploration and also the production of gas, these companies have invested about $ 1.6 billion in May, 2017. Already, India is the 3rd largest oil importer all over the world and this investment in the gas field will definitely provide the gradual up movement to the country in order to achieve top most places in this field. At the same time, tie-up of these Reliance and BP companies have decided to offer the new opportunities in India including trading carbon emissions, developing differentiated fuels and also the advanced low carbon energies.