Reliance-BP to invest Rs 35,000 crore in KG basin

Reliance Industries (RIL) and its partner BP Plc have announced the sanction of the MJ project in the KG D6 block off the east coast of India.

The three new projects by the Mukesh Ambani-led company and its partner are expected to get investments to the tune of Rs 35,000 crore.

According to Mukesh Ambani, chairman and managing director of RIL, “Bringing these three discoveries to production, as promised in 2017, by leveraging the existing infrastructure has been the primary objective of the Reliance-BP joint venture.”

Ambani further said that this will add to the increasing demand for clean fuel in the country, save foreign exchange, and reduce dependency on imported gas.

The three projects are together expected to develop a total of about 3 trillion cubic feet (tcf) of discovered gas resources with a total investment of Rs 35,000 crore ($ 5 billion).

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Related Project : Rs.350000 Million MJ Deep Water Gas Field in India

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