BP, Reliance to Sink $5 Billion in Indian Gas Field to Raise Output

Bloomberg reported that BP and Reliance intend to invest $5 billion in India’s largest natural gas field in an effort to boost output.

As quoted in the market report:

The investment will be made over the next three to five years to exploit the 4 trillion cubic feet of discovered reserves, the explorers said in a joint statement today. Reliance Chairman Mukesh Ambani and BP Chief Executive Officer Bob Dudley met India’s Oil Minister Veerappa Moily in New Delhi to share the plan, according to the statement.

To view the whole Bloomberg report, click here.