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Last Updated : Aug 12, 2019 04:31 PM IST | Source: Moneycontrol.com

RIL, BP to invest Rs 35,000 crore in KG basin: Mukesh Ambani

These projects together, when fully developed, will bring about 1 billion cubic feet a day of new domestic gas on stream, phased over 2020-2022

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Reliance Industries (RIL) and its partner, BP Plc, will together invest Rs 35,000 crore for bringing to production three sets of natural gas fields in the Krishna Godavari basin block in the Bay of Bengal by 2022, chairman Mukesh Ambani has said.

He was speaking at the 42nd annual general meeting of Reliance Industries in Mumbai on August 12.

The three projects will help reverse the falling gas output from what was once the biggest gas-producing block in the country.

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In July, the two partners had announced investment sanction for development of their deepest natural gas discovery in the KG-D6 block.

The MJ, or D-55, gas find will be developed in sync with the previously approved 'R-Series' and the Satellites Cluster development to add 30-35 million standard cubic metres per day of natural gas production in phases.

These projects together, when fully developed, will bring about 1 billion cubic feet a day of new domestic gas on stream, phased over 2020-2022.

Also read: Petro retail JV with BP to bring in Rs 7,000cr, says RIL Chairman Mukesh Ambani

The three projects will develop about 3 Tcf (trillion cubic feet) of discovered gas resources. R-Cluster will be first to come on stream, delivering gas in the second half of 2020-21 fiscal. The second set is called the Satellite Cluster. MJ is the third of these fields.

Reliance, which is the operator of KG-D6 with 60 percent stake, has so far made 19 gas discoveries in the Bay of Bengal. Of these, Dhirubhai-1 and 3 (D1 & D3)—the largest among the lot—were brought into production from April 2009 and MA, the only oilfield in the block, in September 2008.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Aug 12, 2019 12:20 pm
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