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Reliance, BP to invest Rs 40,000 crore in KG block over 3 to 5 years

Reliance Industries (RIL) on Thursday announced it would invest Rs 40,000 crore ($6 billion) in three projects, over three to five years, for developing discoveries in the KG-D6 block along with its 30 per cent partner BP Plc.These discoveries are in deepwater gas fields and are expected to bring onstream 30-35 million cubic metres (1 billion cubic feet) of gas a day over 2020-22. The investment announcement comes even as the two companies are involved in arbitration with the government over pricing of natural gas.

The first project will be for R-series (D34), which will produce 12 mmscmd gas. The implementation of two other projects in Block KGD6 was subject to applicable regulatory and government approvals, the company said. RIL and BP plan to submit development plans for the next two projects for government approval before the end of 2017.  

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