BP, RIL Sanction Second Phase of KG D6 Development
BP plc and Reliance Industries Limited (RIL) announced Thursday the sanctioning of the ‘Satellite cluster’ project in Block KG D6, located offshore India.
The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated development, BP confirmed. The first of the projects, the development of the ‘R-Series’ deep-water gas fields, was sanctioned in June 2017.
Together the three projects will develop a total of around 3 trillion cubic feet of discovered gas resources with a total investment of around $6 billion, BP stated.
"This latest investment is a further demonstration of BP’s commitment to India,” BP Group Chief Executive, Bob Dudley, said in a company statement.
“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,” he added.
Mukesh Ambani, chairman and managing director of RIL, said the company was 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,” Ambani said in a company statement.
RIL is the operator of Block KG D6 with a 60 percent participating interest. BP holds a 30 percent interest and NIKO holds the remaining 10 percent stake.
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