In partnership with Reliance Industries (RIL), British energy major BP plans to double its existing gas production of around 29 million metric standard cubic meter per day (mmscmd) to 60 mmscmd in the next 3-5 years in the Krishna Godavari basin.
In order to attain this production growth, the company sought approval from the union oil ministry for over 5 trillion cubic feet (tn cf) of discovered gas resources in the KG D6 and NEC 25 blocks.
These discoveries could add another 25-30 mmscmd of potential production in the next 3-5 years following approvals and will unlock $50-$75 billion of value to the nation in import substitution, the company said.
In the long run, BP said it has identified some prospects with RIL, which if successful, can add over 10 tcf of yet-to-find resources with the potential to unlock $100-150 billion of value through import substitution. Together, BP promises to unlock $225 billion for the country.
The company has sought clarity on pricing of gas in India post March 2014 in order to increase output. At present, gas from KG-D6 fields is priced at $4.2 per unit and is due for revision from April 1, 2014.
BP has also told Moily that with its experience in exploration and partnership with Reliance, it will maximise recovery in already discovered fields in KG D6 and NEC 25, besides adding value through new exploration in the blocks along the east coast.
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