BP-Reliance earmarks ₹35,000-cr investment in KG Block
British energy generating giant BP plc, together with local partner Reliance Industries, will invest ₹35,000 crore to bring to production three natural gas fields in the Krishna Godavari basin block in the Bay of Bengal by 2022,. Chief Executive (Upstream) BP, Bernard Looney, said that the partners are also negotiating development of natural gas found in Mahanadi basin, off the Odisha coast. The partners are investing in three gas development projects in the KG-D6 block, which are expected to bring about one billion cubic feet per day of domestic gas onstream by 2022. The three projects will help reverse the falling gas output from what was once the biggest gas-producing block in the country. Last month, the partners had announced investment sanction for development of their deepest natural gas discovery in the KG-D6 block. The MJ, or D-55, gas find will be developed in sync with the previously approved 'R-Series' and the Satellites Cluster development to add 30-35 million standard cubic metres per day of natural gas production in phases.
📅Published on:
18 July 2019
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