 "RIL CMD Mukesh Ambani (right) with BP Group Chief Executive Bob Dudley at a press conference in New Delhi on Thursday. Ambani said demand for fuel was expected to grow by 5-7% every year over the next decade. Photo: Sanjay K Sharma")
Reliance Industries (RIL) on Thursday announced it would invest Rs 40,000 crore ($6 billion) in three projects, over three to five years, for developing discoveries in the KG-D6 block along with its 30 per cent partner BP Plc.
These discoveries are in deepwater gas fields and are expected to bring onstream 30-35 million cubic metres (1 billion cubic feet) of gas a day over 2020-22. The investment announcement comes even as the two companies are involved in arbitration with the government over pricing of natural gas.
The first project will be for R-series (D34), which will produce 12 mmscmd gas.
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