Advertisement

HindustanTimes Sun,26 Oct 2014

RIL, BP, moily discuss $5-bn oil and gas plan

HT Correspondent, Hindustan Times  New Delhi, February 19, 2013
First Published: 22:06 IST(19/2/2013) | Last Updated: 22:08 IST(19/2/2013)

Chief executive of British energy giant BP Bob Dudley and Reliance Industries  chairman Mukesh Ambani met petroleum and natural gas minister M Veerappa Moily on Tuesday and discussed details of their planned $5-billion plus investment in the KG-D6 block.

Advertisement

Investments in the downstream oil and gas business including setting up of a new mega regassified LNG (liquefied natural gas) terminal and gas marketing were also discussed, sources said.

A joint statement said this plan, when implemented, would entail a potential total investment in excess of $5 billion in next 3-5 years.

“They briefed me about their plans. I encouraged them to invest more to help in India’s energy security,” Moily said.

Chairman RIL, Mukesh Ambani said the “BP and RIL partnership is focused on finding more hydrocarbons. We hope to significantly contribute to India’s domestic production.”

“We will bring all our expertise in deep water to explore the prolific gas basins in India,” said Dudley.


Advertisement
more from Business

Finance minister Arun Jaitley favours interest rate cut

Finance minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the RBI has signalled it will not ease policy until it is confident of lower inflation.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved