Reliance, BP promise $8-10 bn for more work on D6 gas block in India
New Delhi: Global oil company BP and its Indian partner Reliance Industries plan to invest $8-10 billion by 2016/17 in further development of the D6 gas block, Oil Minister M. Veerappa Moily said on Friday.
It was not immediately clear if this was an additional investment or already in budget plans for the block, where production has been in steady decline since 2010.
Natural gas output from the block, in which BP has a 30 percent equity stake, has declined to 14 million cubic metres per day (mmscmd) from 60 mmscmd at the end of 2010.
The companies have cited geological complexities for the fall in output while the oil regulator believes they failed to drill enough wells.
More from India
More from World
More from Sports
More from Entertaiment
- Cortana for Android available for public beta in US
- Xiaomi Redmi 2 Vs Redmi 2 Prime: Specification comparisons
- Middle class woes to continue, wholesale onion price shoots up to Rs 57 per kg
- Alleged land encroachment in Greater Noida: HC asks DM to decide representation in 3 months
- Watch: Review of Mahindra TUV300