Looney acknowledged that the sale of the business, which employs 1,700 people and produced 9.7 million tonnes of petrochemicals last year, 'will come as a surprise'.
According to a report, the energy major's facility in Pune is set to become operational by January 2021.
Chief Executive Bernard Looney said the pandemic is forcing the company to face the long-term impact on the economy, together with the likelihood of weaker demand for a longer period of time.
BP hopes to raise around $2 billion from the sale of its 45.89% stake in the In Amenas natural gas plant that was the target of a deadly attack by Islamist militants in 2013. The sale is part of a $15 billion disposal programme BP is targeting by the middle of 2021, two of the sources said.
BP's new technology investments have so far focused on electric vehicle charging platforms such as FreeWire and PowerShare and reduction of emissions from oil and gas drilling.
BP in partnership with Reliance Industries is investing about USD 5 billion to bring about 1 billion cubic feet a day of new domestic gas onstream beginning mid-2020, he said.
Investors will appreciate the initiatives announced at the RIL AGM, not least the partnership with Microsoft. The stage has been set for a re-rating of the RIL stock.
These fields along with the ultra deep MJ find are to produce 30-35 million standard cubic metres per day of peak natural gas
In perhaps one of its kind intervention in a deepsea field, RIL-BP has, through the use of a combination of complex techniques, kept the wells flowing at Dhirubhai-1 and 3 (D1 & D3) gas fields in the Krishna Godavari basin block KG-D6, they said.
The acquisition marks a big turning point for BP since the Deepwater Horizon rig disaster in the Gulf of Mexico in 2010, for which the company is still paying off more than $65 billion in penalties and clean-up costs.
BP said, "Chargemaster would be rebranded BP Chargemaster and operate as a wholly-owned unit, with Chargemaster employees continuing at BP Chargemaster."
The companies have sanctioned 'Satellite Cluster', the second of Block KG D6's three phases
"My aspiration is that since we (India) are material for BP, that might see 5-10 percent of BP's earnings coming from India," said Sashi Mukundan, regional president and country head.
Russian oil major Rosneft, fund UCP and Swiss commodities trader Trafigura bought Essar Oil's large refinery, 3,500 fuel stations and infrastructure for $12.9 billion last year.
"As the pattern of growth within China shifts -- slower economic growth and less intensive energy growth -- the baton is passing to India as the dominant source of energy growth," Spencer Dale, chief economist BP, told a Washington audience.
"Assignment of Niko's participating interest (10 per cent) to RIL and BP approved by Government of India," RIL said in an analyst presentation on third-quarter earnings.
BP's rival Royal Dutch Shell said last week it would incur a one-off charge of $2-$2.5 billion for the U.S. tax changes.
The partners yesterday submitted to the Directorate General of Hydrocarbons (DGH) a field development plan (FDP) for the MJ-1 gas find, which is located about 2,000 meters directly below the currently producing Dhirubhai-1 and 3 (D1 and D3) fields in the eastern offshore KG-D6 block, sources with direct knowledge of the development said.
RIL-BP combine yesterday submitted to the Directorate General of Hydrocarbons (DGH) a field development plan for what are known as satellite and other satellite fields, sources with direct knowledge of development said.
Modi met BP Plc Chief Executive Bob Dudley, Rosneft CEO Igor Sechin, Royal Dutch Shell's Project and Technology Director Harry Brekelmens, Saudi Aramco CEO Amin H Naseer, Exxon Mobil President for Gas and Power Rob Franklin, RIL Chairman Mukesh Ambani and Vedanta Resources head Anil Agarwal for over two hours to discuss the global oil and gas scenario.
After a slow start to the year, global oil demand recovered in the second quarter of 2017 and was expected to grow by 1.4 to 1.5 million barrels per day, Brian Gilvary told Reuters.
In an interview to CNBC-TV18, SP Tulsian of sptulsian.com, Deven Choksey of KRChoksey, Narendra Taneja, Oil expert, and RS Sharma, Former Chairman of ONGC gave their thoughts and reactions to Oil Minister, Dharmendra Pradhan inviting RIL's Mukesh Ambani and BP's Bob Dudley to invest in retail after they invested in KG Basin gas.
Dudley, whose last visit in January 2015 led to India revisiting the natural gas pricing formula and a higher rate for gas produced from deep-sea and difficult areas, met Oil Minister Dharmendra Pradhan this afternoon.
This is the first comprehensive appraisal of the financial value of the natural resources damaged by the 134- million-gallon Deepwater Horizon oil spill disaster on April 20, 2010 that killed 11 people.