Reliance and its partner BP to invest Rs 35,000 crore in KG basin

Reliance Industries (RIL) Chairman Mukesh Ambani has said RIL and its partner, BP Plc, will together invest Rs 35,000 crore for bringing to production three sets of natural gas fields in the Krishna Godavari basin block in the Bay of Bengal by 2022

He revealed this while speaking at the 42nd annual general meeting of Reliance Industries in Mumbai on August 12. Last month, the two partners had announced investment sanction for development of their deepest natural gas discovery in the KG-D6 block.

The MJ, or D-55, gas find will be developed in sync with the previously approved ‘R-Series’ and the Satellites Cluster development to add 30-35 million standard cubic metres per day of natural gas production in phases.

In July, it was said BP plc and its partner Reliance Industries will invest US$ 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.

According to BP’s Chief Executive (Upstream) Bernard Looney, the partners were also discussing the development of natural gas found in Mahanadi basin, off the Odisha coast.

Image Credit : images.financialexpress.com

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