Tuesday, RIL and its partner BP Plc of U.K. announced investment sanction for development of their deepest natural gas discovery in the flagging KG-D6 block by 2022.
“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 Satellites Cluster in April 2018,” the company said in a press statement.
RIL-BP did not give the individual cost of the three projects but said they together will cost an estimated Rs 35,000 crore. “These projects together, when fully developed, will bring about 1 billion cubic feet a day of new domestic gas onstream, phased over 2020-2022,” the statement said.
RIL Chairman and Managing Director Mukesh Ambani said in the statement, “bringing these three discoveries to production, as promised in 2017, by leveraging the existing infrastructure has been the primary objective of the RIL-BP joint venture. The gas will satiate the increasing demand for clean fuel in the country, save foreign exchange and reduce dependency on imported gas.”