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BP, Reliance to invest $6 billion more in offshore gasfield

Reuters  |  NEW DELHI 

(Reuters) - and India's Industries Ltd will invest a further 400 billion rupees ($6.2 billion) in their jointly owned KG D6 gas block off India's eastern coast, the heads of the two companies said on Thursday.

Chief Executive Bob Dudley, appearing alongside Chairman Mukesh Ambani at a event in New Delhi, said the new investment is expected to produce 30-35 million cubic metres of gas a day, phased over 2020 to 2022.

"This is an important step forward for in Working closely together, and are now able to develop these major deep-water gas resources offshore efficiently and economically," Dudley said.

In 2011, agreed to sell a stake in 23 of its oil and gas blocks to for $7.2 billion. But output from the D6 block, expected to contribute up to a quarter of India's gas supply, has been falling since April 2010.

holds a 60 percent stake in the gas block in the Krishna Godavari (KG) basin and owns 30 percent, while Calgary-based Niko Resources Ltd holds the rest. and have invested around $1.6 billion to May this year in deep-water exploration and production.

India, the world's third-largest oil importer, has said it will move gradually to a gas-based economy, and its demand is expected to grow rapidly as the country industrialises.

and also said on Thursday that they would look to tap new opportunities in India, including developing "differentiated" fuels, trading carbon emissions and advanced low-carbon energies.

($1 = 64.5950 Indian rupees)

(Reporting by Krishna N. Das and Nidhi Verma; Writing by Tommy Wilkes; Editing by Douglas Busvine)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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BP, Reliance to invest $6 billion more in offshore gasfield

NEW DELHI (Reuters) - BP and India's Reliance Industries Ltd will invest a further 400 billion rupees ($6.2 billion) in their jointly owned KG D6 gas block off India's eastern coast, the heads of the two companies said on Thursday.

(Reuters) - and India's Industries Ltd will invest a further 400 billion rupees ($6.2 billion) in their jointly owned KG D6 gas block off India's eastern coast, the heads of the two companies said on Thursday.

Chief Executive Bob Dudley, appearing alongside Chairman Mukesh Ambani at a event in New Delhi, said the new investment is expected to produce 30-35 million cubic metres of gas a day, phased over 2020 to 2022.

"This is an important step forward for in Working closely together, and are now able to develop these major deep-water gas resources offshore efficiently and economically," Dudley said.

In 2011, agreed to sell a stake in 23 of its oil and gas blocks to for $7.2 billion. But output from the D6 block, expected to contribute up to a quarter of India's gas supply, has been falling since April 2010.

holds a 60 percent stake in the gas block in the Krishna Godavari (KG) basin and owns 30 percent, while Calgary-based Niko Resources Ltd holds the rest. and have invested around $1.6 billion to May this year in deep-water exploration and production.

India, the world's third-largest oil importer, has said it will move gradually to a gas-based economy, and its demand is expected to grow rapidly as the country industrialises.

and also said on Thursday that they would look to tap new opportunities in India, including developing "differentiated" fuels, trading carbon emissions and advanced low-carbon energies.

($1 = 64.5950 Indian rupees)

(Reporting by Krishna N. Das and Nidhi Verma; Writing by Tommy Wilkes; Editing by Douglas Busvine)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22

BP, Reliance to invest $6 billion more in offshore gasfield

(Reuters) - and India's Industries Ltd will invest a further 400 billion rupees ($6.2 billion) in their jointly owned KG D6 gas block off India's eastern coast, the heads of the two companies said on Thursday.

Chief Executive Bob Dudley, appearing alongside Chairman Mukesh Ambani at a event in New Delhi, said the new investment is expected to produce 30-35 million cubic metres of gas a day, phased over 2020 to 2022.

"This is an important step forward for in Working closely together, and are now able to develop these major deep-water gas resources offshore efficiently and economically," Dudley said.

In 2011, agreed to sell a stake in 23 of its oil and gas blocks to for $7.2 billion. But output from the D6 block, expected to contribute up to a quarter of India's gas supply, has been falling since April 2010.

holds a 60 percent stake in the gas block in the Krishna Godavari (KG) basin and owns 30 percent, while Calgary-based Niko Resources Ltd holds the rest. and have invested around $1.6 billion to May this year in deep-water exploration and production.

India, the world's third-largest oil importer, has said it will move gradually to a gas-based economy, and its demand is expected to grow rapidly as the country industrialises.

and also said on Thursday that they would look to tap new opportunities in India, including developing "differentiated" fuels, trading carbon emissions and advanced low-carbon energies.

($1 = 64.5950 Indian rupees)

(Reporting by Krishna N. Das and Nidhi Verma; Writing by Tommy Wilkes; Editing by Douglas Busvine)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22