Reliance Industries and BP Plc’s $6-billion investment announcement on Thursday was prompted by the rare opportunity to develop their gas fields at rock-bottom costs and sell the output at market rates, putting the spotlight back on the Krishna-Godavari Basin block that once seemed to be fading in the priorities of India’s richest man.
The timing of the development is significant as the new output will begin in 2020 and triple in 2022, which a Morgan Stanley report said is “close to end of the global gas glut”. Global gas prices tumbled in recent years because of the glut, discouraging fresh investment. Read more
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