BP Plc, Europe's second biggest oil company, and Reliance Industries will invest $5 billion in developing untapped gas reserves in the KG-D6 block as the partners attempt to reverse the fall in gas production.
BP has valued Reliance Industries' (RIL) new exploration and production (E&P) business at around $25 billion (Rs 1,12,500 crore), according to Goldman Sachs.
Gas price hike seems to be a distant dream for Reliance Industries and its partners--Niko Resources and BP.
RIL-BP, who are currently producing about 11.8 million standard cubic metres per day of gas from the flagging eastern offshore KG-D6 block, is targeting newer fields in KG-D6 block and gas discoveries in neighbouring north-east coast and Cauvery basin to raise output.
The stage for negotiations to settle the Krishna-Godavari basin dispute is long over, says a government official
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