BP and Reliance Industries deepen links

British oil major BP and India’s Reliance Industries Ltd will invest a further $6 billion (£4.7bn) in their jointly-owned KG D6 gas field off India’s eastern coast, the heads of the two companies said yesterday.

BP chief executive Bob Dudley, appearing alongside Reliance Chairman Mukesh Ambani at a news conference in New Delhi, told reporters the additional investment signalled its confidence in India.

Reliance holds a 60 per cent stake in a gas block in the Krishna Godavari (KG) basin, BP owns 30 per cent while Calgary-based Niko Resources Ltd holds the rest.

Analystssaidbpisstrongly in expansion mode, planning to launch seven oil and gas fields this year.