Reliance, BP jointly invest in India’s energy sector

Reliance, BP to jointly invest in India’s energy sector

10:52 AM, 19th June 2017
Reliance Industries Logo

MUMBAI, INDIA/ LONDON, UK: Reliance Industries Limited (RIL) and BP PLC have agreed to deepen and expand their partnership to work together across a wide range of areas throughout India’s energy sector. They are moving forward to develop already-discovered deepwater gas fields, bringing new gas production for India.

The companies announced that they will award contracts to progress development of the ‘R-Series’ deep water gas fields in Block KGD6 off the east coast of India. The R-series (D34) project is a dry gas development in water depths of more than 2,000 metres, approximately 70 kilometres offshore.

The R-series fields will be developed as a subsea tieback to the existing control and riser platform off Block KGD6. The project is expected to produce up to 425 million cubic feet of gas a day, coming on stream in 2020.

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.

They are to submit development plans for the next two projects for government approval before the end of 2017. Development of the three projects, with a total investment of $6 billion), is expected to bring a total of 1 billion cubic feet of gas a day new domestic gas production onstream, phased over 2020-2022.

Expanding partnership

RIL and BP will expand their existing partnership for strategic cooperation on new opportunities across India’s energy sector. Under the agreement, the two companies will jointly explore options to develop differentiated fuels, mobility and advanced low-carbon energy businesses in India, as India transitions to a low-carbon world.

The companies expect to collaborate, in addition to the convenient transportation and aviation fuels retailing, on unconventional mobility solutions, addressing electrification, digitisation and disruptive mobility trends. Together, these collaborations will seek to address the mobility needs all consumers in India, applying the leading capabilities of both partners.

“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. This strategic partnership not only strengthens the relationship between two global energy leaders but is also in line with and supports the forward-looking policies and vision of the Government of India,” said Mukesh Ambani, chairman and managing director of RIL.

“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 a testament to our commitment to working in partnership with Reliance and with the Government to produce more energy in India, for India,” added Bob Dudley, BP Group CEO.

“India’s demand for both energy and mobility is growing and evolving rapidly. This presents many opportunities for BP and Reliance to build on our existing strong relationship in upstream and expand our partnership further downstream,” added Bob Dudley.

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