<p>Reliance Industries Limited (RIL) said the company and its partner BP Plc plan to jointly invest more than $5 billion over the next three to five years to boost output at a key natural gas field off India’s east coast.<br /><br /></p>.<p>Besides detailing a $5-billion investment plan over the next 3-5 years, BP Chief Executive Bod Dudley and RIL Chairman Mukesh Ambani in their first joint meeting with Oil Minister M Veerappa Moily may have also discussed the dispute with CAG over audit of spendings in flagging KG-D6 gas block.<br /><br />Dudley and Ambani in the meeting that lasted nearly an hour, briefed Moily of plans to develop 4 trillion cubic feet of gas reserves in the KG-D6 where production has dropped to about 19 million standard cubic metres per day, which is less than a third of 62 mmscmd peak hit in 2010.<br /><br />The duo, flanked by BP India head Sashi Mukundan and RIL Executive Director P M S Prasad, updated Moily of "joint future plans in India, including the KG D6 block enhancement plan designed to increase production from the block", RIL-BP said in a joint statement.<br /><br />The D6 block in Krishna Godavari basin is jointly operated by the two energy companies and was expected to contribute up to a quarter of the gas supply for Asia's third-largest economy, but output from the block has been declining.<br /><br />The two companies are planning to invest in a series of projects to develop around 4 trillion cubic feet of discovered natural gas resources from the block, Reliance said in a statement on Tuesday.<br /><br />While the investment in the new reserves, that lie in satellite fields surrounding the currently producing Dhirubhai-1 & 3 (D1&D3) gas fields and MA oil and gas field, will take 3-5 years, RIL-BP plan to augment current production next year by upgrading facilities at D1&D3 and MA fields.<br /><br />"They briefed (me) about their investment plans. I encouraged them to invest more to help in India's energy security," Moily said.<br />Moily, who was joined by Oil Secretary Vivek Rae at the meeting, assured expeditious decision making.<br /><br />He, however, refused to say if RIL-BP raised the issue of CAG's second round of audit of KG-D6 spendings.<br /></p>
<p>Reliance Industries Limited (RIL) said the company and its partner BP Plc plan to jointly invest more than $5 billion over the next three to five years to boost output at a key natural gas field off India’s east coast.<br /><br /></p>.<p>Besides detailing a $5-billion investment plan over the next 3-5 years, BP Chief Executive Bod Dudley and RIL Chairman Mukesh Ambani in their first joint meeting with Oil Minister M Veerappa Moily may have also discussed the dispute with CAG over audit of spendings in flagging KG-D6 gas block.<br /><br />Dudley and Ambani in the meeting that lasted nearly an hour, briefed Moily of plans to develop 4 trillion cubic feet of gas reserves in the KG-D6 where production has dropped to about 19 million standard cubic metres per day, which is less than a third of 62 mmscmd peak hit in 2010.<br /><br />The duo, flanked by BP India head Sashi Mukundan and RIL Executive Director P M S Prasad, updated Moily of "joint future plans in India, including the KG D6 block enhancement plan designed to increase production from the block", RIL-BP said in a joint statement.<br /><br />The D6 block in Krishna Godavari basin is jointly operated by the two energy companies and was expected to contribute up to a quarter of the gas supply for Asia's third-largest economy, but output from the block has been declining.<br /><br />The two companies are planning to invest in a series of projects to develop around 4 trillion cubic feet of discovered natural gas resources from the block, Reliance said in a statement on Tuesday.<br /><br />While the investment in the new reserves, that lie in satellite fields surrounding the currently producing Dhirubhai-1 & 3 (D1&D3) gas fields and MA oil and gas field, will take 3-5 years, RIL-BP plan to augment current production next year by upgrading facilities at D1&D3 and MA fields.<br /><br />"They briefed (me) about their investment plans. I encouraged them to invest more to help in India's energy security," Moily said.<br />Moily, who was joined by Oil Secretary Vivek Rae at the meeting, assured expeditious decision making.<br /><br />He, however, refused to say if RIL-BP raised the issue of CAG's second round of audit of KG-D6 spendings.<br /></p>