India`s Reliance Industries Ltd and partner BP said on Tuesday they would start developing a third gas field off India`s east coast. The Reliance and BP consortium, in which BP has a 30% stake, are already developing two gas blocks off India`s east coast.
The three projects, developing 3 trillion cubic feet (tcf) of discovered gas, would cost 350 billion rupees ($5 billion) to develop and could produce about 30 million standard cubic metres of gas per day (mscmd) phased over 2020-2022, Reliance said. At peak production, the three fields together could meet up to 10% of India`s demand by 2022, analysts say.
Prime Minister Narendra Modi previously set a target to raise the share of gas in India`s energy mix to 15% by 2030 from below 6.5% now. Experts say the slow pace of development so far makes that target difficult to achieve. Read More
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