Reliance Industries, BP Joint Venture to Develop Gas Block off India's East Coast

Date : 06/12/2019 @ 2:37AM
Source : Dow Jones News
Stock : BP P.L.C. (BP)
Quote : 40.91  -0.31 (-0.75%) @ 5:00AM

Reliance Industries, BP Joint Venture to Develop Gas Block off India's East Coast

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By P.R. Venkat

Reliance Industries Ltd. (500325.BY) and its joint-venture partner BP PLC (BP.LN) have approved a plan to develop a natural gas block off India's east coast.

The natural gas block will the third such block that will be developed by the joint venture in the area. The total investment for developing the three blocks will be $5 billion, the two companies said in a joint statement late Tuesday, without providing a breakdown of the investment.

"These projects together, when fully developed, will bring about 1 billion cubic feet a day of new domestic gas onstream, phased over 2020-2022," the statement said.

The three gas blocks are in the Krishna-Godavari basin and are known as KG D6 project.

India consumes more than 5 billion cubic feet a day of natural gas and the government aims to double the figure by 2022. Natural gas from the KG D6 integrated development is expected to help reduce the country's dependence on imported fuel, the statement said.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

June 11, 2019 21:22 ET (01:22 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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