BP, partners set to spend up to $4 bn in India energy hunt

Global energy giant BP Plc plans to invest $3-4 billion in India's oil and gas exploration & production (E&P) over the next three to four years, along with partners Reliance Industries and state-run ONGC, the company's India head said in an interview.

- Rituraj Baruah

BP has already partnered with Reliance in India.

(REUTERS)

The move comes as BP looks to expand its footprint in India, where it has already invested $12 billion and partnered with Reliance on Jio-BP, a venture focused on fuel retail, EV charging and lubricants.

BP India chairman Kartikeya Dube said the company is also in talks with Oil India Ltd, another government-owned oil and gas major, for partnering in the E&P space.

"We collaborate with all companies in India," Dube said, adding that the company took a bet on India 14 years ago, and as its understanding of the market has grown, it has seen its investments produce results.

"Today (KG D6 Block) is producing one third of India's natural gas," Dube said.

"That's one billion cubic feet today." KG D6 is a deep-water gas project in India's Krishna Godavari basin.

BP signed an MoU with ONGC this February to operate as a technical services provider (TSP) for ONGC's Mumbai High field. Dube said BP is supporting ONGC in enhancing the production of the field, where it would work to uplift production by 60%.