RIL, BP to infuse Rs 40,000 crore in Krishna-Godavari D6 block
Bob Dudley (right), CEO of BP, and Mukesh Ambani, CMD of Reliance Industries, leave after meeting Petroleum Minister Dharmendra Pradhan, in New Delhi on Thursday. Reuters
After a gap of seven years, Reliance Industries and its partner BP on Thursday pledged to infuse Rs 40,000 crore in the deepwater gas fields of the Krishna-Godavari (KG) D6 block on the country’s east coast. The investments will be over the next three to five years.
The renewed agreement between the two companies will also include exploring non-conventional energy sources such as advanced low-carbon fuels and renewable energy, apart from investing in downstream businesses, including retail fuel outlets. Since 2011, when BP bought a 30 per cent stake in some of RIL’s oil and gas production-sharing contracts, the capital-intensive gas fields in the KG-D6 block haven’t seen any major investments.
Credit: indianexpress.com