DELHI, India – BP (NYSE:BP) and Reliance Industries Ltd. have updated plans for joint development to increase production from block KG D6 offshore India. The joint venture has a series of projects that aim to develop about 4 tcf (113.27 bcm) of natural gas from the block.
Plans include spending of about $5 billion over the next three to five years, a field optimization plan to augment production starting in 2014, development of R-Series and Satellite fields, drilling to test possible production below the current reservoirs, and examination of KG D6 infrastructure as a possible hub for the eastern coast of India.
Bob Dudley, BP Group CEO and Mukesh Ambani, chairman and managing director of RIL revealed the plans in an update to Veerappa Moily, India’s minister of petroleum and natural gas.
“Gas from these projects will deliver energy to millions of Indians and would significantly help India in reducing import dependence,” said Moily. “My ministry is committed to provide necessary support to promote such investment in the domestic oil and gas sector.
“We will do the needful to fasttrack these projects and help them attain economic viability.”