RIL, BP to invest $5 bn in flagging KG-D6 gas fields
Besides detailing USD 5 billion investment plan over next 3-5 years, BP Chief Executive Bod Dudley and Reliance Industries Chairman Mukesh Ambani in their first joint meeting with the Oil Minister M Veerappa Moily may have also discussed the dispute with CAG over audit of spendings in flagging KG-D6 gas block.
Dudley and Ambani in the meeting that lasted nearly an hour, briefed Moily of plans to develop 4 trillion cubic feet of gas reserves in the KG-D6 where production has dropped to about 19 million standard cubic metres per day, which is less than a third of 62 mmscmd peak hit in 2010.
The duo, flanked by BP India head Sashi Mukundan and RIL Executive Director P M S Prasad, updated Moily of "joint future plans in India, including the KG D6 block enhancement plan designed to increase production from the block", RIL-BP said in a joint statement.
While the investment in the new reserves, that lie in satellite fields surrounding the currently producing Dhirubhai-1 & 3 (D1&D3) gas fields and MA oil and gas field, will take 3-5 years, RIL-BP plan to augment current production next year by upgrading facilities at D1&D3 and MA fields.
"They briefed (me) about their investment plans. I encouraged them to invest more to help in India's energy security," Moily told PTI.
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