Reliance Industries, BP progress on developing gas fields offshore India
BP
526.00p
14:40 29/04/24
BP and Reliance Industries announced they were taking the next step to develop the massive natural gas fields offshore eastern India.
FTSE 100
8,155.84
14:40 29/04/24
FTSE 350
4,481.67
14:40 29/04/24
FTSE All-Share
4,435.19
14:40 29/04/24
Oil & Gas Producers
9,635.67
14:40 29/04/24
When fully developed by 2022, they were projected to meet over 10% of the country's gas demand, helping cut the country's dependence on imports.
The two companies said they would award contracts to progress on developing the 'R series' (D34) of deep water gas fields in Block KGD6 off the east coast of the Subcontinent.
D34 is a dry gas development in water-depths of over 2,000 metres located roughly 70 kilometres offshore.
The project was expected to produce as many as 425.0m cubic feet of gas a day and come on-stream in 2020.
It was the first of three planned projects within that block, producing from roughly 3.0trn cubic feet of discovered gas resources.
Following a meeting between their two bosses in New Delhi, BP also said they were planning to submit development plans for the next two projects to the government before the end of 2017.
Combined, the three projects were expected to require $6.0bn-worth of investments and to bring 1.0bn cubic feet of gas a day in new domestic production on-stream by 2020.
New Delhi's stated goal was to double India's gas consumption by 2022, from over 5.0bn cubic feet at present.