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