Press

BP Announces Development of Deep-Water Indian Gas Fields


The resurgence of the global oil and gas industry continues with BP's announcement that it intends to develop ‘Satellite cluster' deep-water gas fields in India to bring onstream upwards of 1 bcf/d of new production by 2022.

BP is collaborating with Reliance Industries Limited (RIL) to develop the ‘Satellite cluster' project in Block KG D6 offshore India. The Satellite cluster is the second of three projects in the Block KG D6 integrated development. The first of the projects, development of the ‘R-Series' deep-water gas fields, was sanctioned in June 2017. Together the three projects will develop a total of about 3 trillion cubic feet of discovered gas resources with a total investment of $6 billion. They are expected to bring a total c. 30-35 million cubic metres (1 billion cubic feet) of gas a day new domestic gas production onstream, phased over 2020-2022.

Commenting on the sanctioning of the project, Mukesh Ambani, Chairman and Managing Director of RIL, said:

“In consonance with our announcements last year to raise domestic gas production, we are delighted to announce the on-schedule progress of the Satellite cluster in the east coast of India. This development supports the country's imminent need of increasing domestic gas supply and is a firm step towards making India a gas-based economy.”

Bob Dudley, Group Chief Executive of BP, said:

“This latest investment is a further demonstration of BP's commitment to India. Through our partnership, Reliance and BP are able to develop these discovered gas resources efficiently and economically, working closely with the Government of India. These new developments will produce much needed energy for India's thriving economy.”

India today consumes over 5 billion cubic feet a day of natural gas and aspires to double gas consumption by 2022. Gas production from the integrated development is expected to help reduce India's import dependence and amount to over 10% of the country's projected gas demand in 2022; benefiting India and domestic consumers at large.

 

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