"Development of the three projects, with total investment of $6 billion, is expected to bring a total 30-35 million cubic metres of gas a day new domestic gas production onstream, phased over 2020-2022," Reliance Industries Limited (RIL) said in a statement.
Earlier, India's Minister for Petroleum & Natural Gas Dharmendra Pradhan invited BP to begin sale of petrol and diesel in retail market as it has Indian government's approval of selling through 3,500 fuel retail stations. But BP has decided to go with Reliance in retail market as well.
"This strategic partnership not only strengthens the relationship between two global energy leaders, but is also in line with and supports the forward-looking policies and vision of the Government of India," RIL Chairman Mukesh Ambani said.
In 2011, BP took a 30% stake in multiple oil and gas blocks in India operated by RIL, including the producing Block KGD6 in a $7.2-billion deal. Since formation of this partnership in 2011, the two companies have invested over $1.6 billion in deepwater exploration and production in the period to May 2017.