NEW DELHI: Reliance Industries Limited (RIL) and BP on Tuesday announced sanction of the MJ project, also known as D55, in Block KG D6, offshore the east coast of India.
MJ is the third of three new projects in the Block KG D6 integrated development plan and its approval follows sanctions for the development of ‘R-Series’ deep-water gas field in June 2017 and for the Satellite cluster in April 2018.
Together, the three projects are expected to develop a total of about 3 trillion cubic feet (tcf) of discovered gas resources at a total investment of around Rs 35,000 crore (US$5 billion).
These projects together, when fully developed, could bring about 1 billion cubic feet a day of new domestic gas onstream, phased over 2020-2022.
“The gas will satiate the increasing demand for clean fuel in the country, save foreign exchange and reduce dependency on imported gas,” said Mukesh Ambani, chairman and managing director of RIL.
“We are building an important upstream business in India, helping to supply the country’s growing gas market,” Bod Dudley, chief executive, BP Group, added.