BP, Reliance to Invest $6 Bln More in Offshore Gasfield

BP and India's Reliance Industries Ltd will invest a further $6 billion in their jointly owned KG D6 gas field off India's eastern coast, the heads of the two companies said on Thursday.

 

BP Chief Executive Bob Dudley, appearing alongside Reliance Chairman Mukesh Ambani at a news event in New Delhi, told reporters the additional investment signalled its confidence in India.

 

Reliance holds a 60 percent stake in a gas block in the Krishna Godavari (KG) basin, BP owns 30 percent while Calgary-based Niko Resources Ltd holds the rest.


(Reporting by Krishna N. Das and Nidhi Verma; Writing by Tommy Wilkes; Editing by Douglas Busvine)