Indian firm Reliance Industries and BP have sanctioned on June 15, 2017, the 1st of 3 joint projects in deepwater gas fields in India.
The move came as the companies jointly announced an agreement to deepen and expand their partnership to work together in India’s energy sector.
BP chief executive Bob Dudley said: «This is an important step forward for BP in India. Working closely together, Reliance and BP are now able to develop these major deepwater gas resources offshore India efficiently and economically.»
The 2 companies will award contracts to progress development of the ‘R Series’ fields off the east coast of India.
The 1st project is a dry gas development in water depths of over 2,000 metres, about 70 kilometres offshore.
1st gas is expected in 2020, with plans for 2 further developments expected to be lodged with the Indian authorities by the end of the year.
The initial project is expected to produce up to 12 million cubic meters of gas a day.
The companies did not reveal how much each project would cost, however they intend to invest $6 billion in total.
The 2 companies 1st started working together in 2011 when BP took a 30% stake in multiple oil and gas blocks in India operated by Reliance.
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