Reliance and BP approve third phase of KG D6 project
Reliance Industries and BP announced the sanction of the D55 or MJ Project in the Krishna Godavari Dhirubhai 6 (KG-D6) offshore block.
MJ project is a gas condensate field and is the third phase of KG D6's integrated development plan. The two companies developed R-Series deep-water gas field in June 2017 and the Satellites cluster in April 2018. The integrated projects is expected to develop about 3 trillion cubic feet (tcf) of discovered gas resources for an investment of Rs. 35,000 crore or US$5 billion. The projects are expected to produce 1 billion cubic feet gas per day by 2022.
In 2011, BP brought 30 per cent stake in oil and gas blocks operated by Reliance Industries in India, including the KG D6 block. Reliance and BP have together invested over Rs. 13,000 crore in deep-water exploration and production. Reliance has discovered 19 gas blocks in the Bay of Bengal.
Meanwhile, on Wednesday, the stock of Reliance Industries was trading in positive zone and was quoting Rs. 1,329.30 per share in the morning session on BSE. But the benchmark index were trading in red zone. The BSE Sensex was at 39,696.33, down by 254.13 points or 0.64 per cent.