Finally, BP's Dudley is asked where he sees crude oil for the rest of the year. The BP chief says he think oil to stay in the USD 50-55 per barrel.
So no big-bang announcement on a fuel retail foray. Ambani has only said the company will explore innovations in both the upstream and downstream businesses, including fuel retail, even retailing aviation fuel.
The question and answer session starts, and reporters ask the RIL and BP chiefs ask what has changed in India's energy policy landscape to warrant a big investment. Oil and gas prices continue to remain low, and are expected to remain weak going forward too.
Further, production from KG-D6 continues to remain low, even as RIL is involved in arbitration proceedings with ONGC.
BP's Dudley says this investment reflects the confidence the two companies have in the government's energy policy.
Further, RIL and BP would explore options to develop advanced low-carbon fuel, says Ambani. "We will explore electrification and disruptive mobility trends"
"We will jointly explore options to develop differentiated fuel and mobility. We will jointly explore options for aviation fuel," says the RIL chief.
"It gives me pleasure to announce that BP and RIL will enhance their partnership to develop new products to help India's mobility market," he says.
He hands over the mic to Mukesh Ambani, who says RIL-BP will make fresh investment of Rs 40,000 crore in India's energy sector.
Dudley starts by talking about increasing investments in BP-RIL's KG D6 gas fields.
BP chief Dudley rises to speak. "This morning, Mukesh Ambani and I spoke to PM Modi who has a strong vision for India's energy future".
The press conference is about to start now.
CNBC-TV18 spoke to a host of experts, who said the partnership could something big. "This could be about not just a major fuel retail foray, but also something big in natural gas," said oil expert Narendra Taneja, who is also the national convener for BJP's Energy Cell. "India's fuel retail infrastructure is old. The country needs a major revamp for its petrol and diesel pumps".
If the announcement on the retail push comes through, it would come a day ahead of state-owned fuel retailers' decision to revise prices daily.
Will this be the announcement then? Is RIL chief Mukesh Ambani going to announce a mega fuel retail venture in India today? And can Reliance do to the fuel retail industry what Jio has done to the telecom industry -- shake it up?
It must be noted that Reliance has had a small fuel retail vertical for years now, which fell into losses after the UPA government announced regulation of petrol and diesel prices -- which meant the company could not compete with subsidised fuel sold Indian Oil, BPCL and HPCL.
Following petrol (2010) and diesel (2014) price deregulation, the company had said it would increase its fuel retail outlets. RIL's outlets are currently mainly in Gujarat and Maharashtra.
Oil Minister Dharmendra Pradhan drops a major hint, says the government has invited RIL and BP to invest in fuel retail. The duo called upon the government ahead of making the big announcement.
Welcome to the live coverage of the press conference that will be held today by Reliance Industries at 5.30 pm. The company earlier today said Reliance chief Mukesh Ambani and BP CEO Bob Dudley will make a 'statement', without explaining the nature of the announcement. RIL and BP have had a partnership for several years, both in India (KG basin) and abroad, and given the the chief executives are coming together to make an announcement, one would expect something big.