British energy major bp is aiming to ramp up its investments in India’s energy sector, with a focus on natural gas, renewable energy (RE), and efficiency technologies. The company will earmark capex for further development of the KG basin blocks and participate in the upcoming Open Acreage Licensing Policy (OELP) round, Kartikeya Dube, Head of Country for bp in India told FE.
“We are one of India’s largest investors in the energy space in India as a foreign company. So our idea is to continue to invest in gas specifically in the KG basin, and the Mahanadi fields. And then we’ve got one block in OALP-IX round with ONGC and Reliance,” Dube said. He added that the company plans to participate in OALP X round as well.
The company has over the years strengthened its position in the Indian oil and gas sector particularly with its tie-ups with Reliance Industries and state-run ONGC. Going ahead, bp intends to continue its collaboration with ONGC in the development of stratigraphic wells and providing advice on certain fields.
What did Dube say?
“At this point, we are discussing more with ONGC, because that is our focus. We’re advising ONGC on stratigraphic wells, which are the four deepwater wells – in Andaman, Kutch, Mahanadi, and Bengal, funded by the government. And we are also supporting them on an on-call basis, if they need some advice on specific fields,” Dube said.
In February this year, the two companies have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, while also aiming to jointly bid for mutually agreed offshore acreage under India’s OALP rounds.
In addition to its expansion in India’s upstream sector, the oil major also aims to advance its footprint in the downstream segment through jio-bp, its joint venture between Reliance Industries. The company plans to expand compressed biogas infrastructure and add 4,000 auto fuel retail stations in the next four years. Presently, jio-bp operates 2,000 retail fuel stations in the country.
“Jio bp has active diesel which actually gives 4% more mileage. So everything is not only about what I can grow. If I can consume what I have more efficiently, that’s more,” Dube said.
BP aims to develop solar projects in India
The group also aims to develop solar projects in India through its green subsidiary Lightsource bp.
“We are looking to enter India as a solar developer. Our company Lightsource bp is the world’s third largest solar company and we are going to be bringing them to India soon,” adding that it is under discussions with large customers and will be participating in the solar development value chain in India.
bp will also be bringing its bio-technologies in the country through its other subsidiary Archaea Energy. “We are doing a lot of research in biogas on how to work with feedstock and we’ll be bringing that also to India,” Dube said.