Reliance Industries and its partner BP plc on Thursday announced investment of $6 billion in developing new gas fields in the KG-D6 block after an eight- year hiatus.
RIL chairman Mukesh Ambani said two firms have also agreed on a strategic cooperation on new opportunities for conventional and unconventional fuel trading and marketing including jointly setting up petrol pumps.
“Changed policies have allowed us to develop new resources,” BP CEO Bob Dudley said.
He said BP-RIL has agreed to progress on R-Series gas field development in the KG-D6 block and will invest USD 6 billion. The gas project will reduce India’s import dependence by 10 per cent.
Addressing a joint press conference, Ambani said RIL-BP after many years will invest Rs 40,000 crore to bring 30
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