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".