BP, Reliance to invest $5 billion in KG-D6 to produce 1 bcf gas
New Delhi: British energy giant BP plc and its partner Reliance Industries will invest $5 billion in bringing to production three sets of natural gas fields in the Krishna Godavari basin block in the Bay of Bengal by 2022.
BP's Chief Executive (Upstream) Bernard Looney said the partners are also discussing the development of natural gas found in Mahanadi basin, off the Odisha
"Together we are spending up to $5 billion or Rs 35,000 crore in three gas development projects in the KG-D6 block and together we are expected to bring about one billion cubic feet per day of new domestic gas on stream by 2022," he said here.
The three projects will help reverse the falling gas output from what was once the biggest gas-producing block in the country.