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News Brief | March 2013

RIL, BP to invest $5 bn

BP Plc, Europe's second biggest oil company, and Reliance Industries has planned to invest US $5 bn in developing untapped gas reserves in the D6 block in the Krishna Godavari basin off India's east coast as the partners attempt to reverse the fall in gas production. The D6 block 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. Besides detailing $5 bn investment plan over the next 3-5 years, BP chief executive Bod Dudley and Reliance Industries chairman Mukesh Ambani in their first joint meeting with oil minister M Veerappa Moily may have also discussed the dispute with the comptroller and auditor general over audit of spendings in the flagging KG-D6 gas block.
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