BP, Reliance plan $5 billion investment in India KG gas block
NEW DELHI -- BP and Reliance Industries plan to jointly invest more than $5 billion in the next three-five years to boost gas output in a block off India' s east coast, the companies said.
Reliance is struggling with declining output at the block in the Krishna-Godavari basin. The fall in output from India' s largest gas find has also affected the country' s overall natural gas supplies, hurting plans of industries including power and fertilizer,which use the fuel.
BP and Reliance plan to invest in a series of projects to develop around 4.0 Tcf of discovered natural gas resources. Reliance had in 2011 sold a 30% stake in 21 oil and gas blocks in the Krishna-Godavari basin to the British company.
Dow Jones Newswires