Three of the world's biggest energy companies from Britain and The United States are competing for a stake in a giant natural gas field in India.
The field in India's Krishna Godavari basin, discovered by India's Reliance Industries in the Bay of Bengal, are now target of such world oi and gas giants, as BP, ChevronTexaco and ExxonMobil.
The Reliance field was 2002's largest gas discovery.
UK energy consultants Wood Mackenzie values the field at $4 billion, taking into account only the proved and probable reserve estimates of 6,000 billion cubic feet, a conservative valuation since the field holds possible reserves of 14,000 billion cubic feet.
Browne is reportedly to have said in New Delhi, "We need to do more [in India]. We are looking at various options in exploration and production, as well as more in refining and marketing."
ExxonMobil said it would pursue opportunities that met its investment criteria, meanwhile, Chevron said it would not comment about potential M&A activity
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BP, Chevron And Exxon In Struggle For India Gas Field
The project is just the type the oil majors prefer, where the find has been made but still needs to be developed
