BP PLC said Thursday it is pushing ahead with long-delayed efforts to develop natural gas offshore India in a $6 billion investment with India’s Reliance Industries Limited.
The companies are expecting to produce 425 million cubic feet of gas a day from deep water gas fields roughly 70 kilometers off India’s east coast by 2020, in the first of three projects they plan to develop with the funds. Between 2020 and 2022 they’re expecting to add another 1 billion cubic feet a day of new gas production, assuming the other two projects are approved by the government.
BP first partnered with RIL in 2011, spending $7.2 billion for a 30% stake in oil and gas fields operated by the Indian company. The deal was the company’s first major investment since its fatal blowout in the Gulf of Mexico in 2010, and came at a time when BP was desperately selling assets elsewhere to help pay for the fallout from the spill. Read more