"India is a huge market ... Obviously we are a very large player globally in the aviation business, so it makes sense for us to be here," said Sashi Mukundan, regional president and India country head for BP .
Policy announcements in the oil and gas sector this year will help unlock Rs 2.5 lakh crore investment and aid in domestic gas production, said Sashi Mukundan, Chairman CII National Committee on Hydrocarbons and BP India head.
BP India expects to quadruple its production by 2020 if it gets right support and approvals from the government.
Having reversed the falling output at KG-D6, Reliance Industries and its partner BP plc will quadruple production at the eastern offshore fields to around 50 million standard cubic meters per day by 2020.
RIL-BP, who are currently producing about 11.8 million standard cubic metres per day of gas from the flagging eastern offshore KG-D6 block, is targeting newer fields in KG-D6 block and gas discoveries in neighbouring north-east coast and Cauvery basin to raise output.
UK's BP plc has sought clarity from Oil Minister M Veerappa Moily on natural gas pricing and said decisions on key issues like allowing exploration well in a producing field should be expedited.
BP PLC estimates there are 15 trillion cubic feet (tcf) of gas resources in the 23 blocks it has bought into in its USD 7.2 billion deal with Reliance Industries and there could be more, the company's India head said.