RIL, BP To Invest 40,000 Crore In Energy Projects In India

Apart from the three projects, the two companies have also agreed for strategic cooperation, under which they will jointly explore options to develop differentiated fuels, mobility and advanced low carbon energy businesses in India, Ambani said.

BP had entered into a partnership with RIL in 2011 with a 30 pct stake in multiple oil and gas blocks operated by RIL in India, including KGD6. Since then, the two companies have invested over 10,000 crore ($1.6 billion) in deepwater exploration and production up to May 2017, according to information given by RIL.

Queried multiple times about their ongoing arbitration disputes with the Indian government, the consortium said that it were the change in policies made by the current NDA government that had guided this investment decision designed to meet the energy needs of the Indian consumer, which effort would then be upscaled at a global level.

"We still have some pending arbitrations and we hope to follow this legal process to conclude these within the framework of the law," Ambani said, referring to the arbitrations cases on shortfall in KG-D6 targeted gas output and on alleged seepage of gas from contiguous fields of state-run ONGC.

"We're pretty sure of a fair outcome of these proceedings, and which will not come in the way of future investments. Because you have arbitration, you don't stop all businesses," he added.

Dudley pointed out that a lot of such arbitration issues crop up around the world, which are then resolved. He said the change in government policies over the last few years had chiefly guided this major investment decision and also expressed satisfaction over the pricing policy for domestic natural gas for producing from difficult deep sea areas.

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