Reliance Industries,BP to develop KG oil feilds

Mumbai June 16: Two major companies have tied up yesterday. Reliance Industries Limited (RIL) and BP have decided jointly to invest Rs 40,000 crore ($ 6 billion) to develop gas fields in the KG basin. This move would expand the gas production capacity of India.

The two companies have agreed to work jointly in India’s energy sector.they said that they will award contracts for development of the deep water gas fields in Block KGD6 off AndraPradesh.

Mukesh Ambani, chairman and managing director of RIL had said that "we are delighted to work with BP so that India can develop its indigenous energy and reduce import substitution which leads to the development of a gas-based economy.

Bob Dudley, BP group chief executive, said that "working with Reliance gives us the capability to develop the major deep water gas resources offshore in India in an efficient and economic manner. RIL and BP have also signed an agreement to explore alternative options for developing differentiated fuels.

Yesterday Mukesh Ambani and Bob Dubey have Jointly met Petroleum Minister Dharmendra Pradhan and discussed their Proposal .lets hope that new investment will create new jobs and help in Development of the Andhra Pradesh.