Release date: 17 May 2013
The BP Board met for the first time in India to gain an understanding of the opportunities in the country. The Board also met with Government dignitaries and business partners.
In an interaction with Hon’ble President of India, Pranab Mukherjee today, BP Chairman Carl-Henric Svanberg affirmed, “We are working closely with the Government of India in its quest for energy security. I am confident that, working together with our partners Reliance Industries, our combined capabilities, experience and expertise in deep water will support the efficient and cost-effective development of India’s energy resources.”
BP occasionally holds a Board meeting in a significant market for the company, and this year a decision was taken to hold one in India. This is a clear indicator of the company’s strong commitment to the Indian energy sector.
Commenting on the visit, Bob Dudley, Group Chief Executive said: “I am very pleased to see our teams working closely with the Government of India and our partners, securing alignment on all our key priorities. We had an important visit to the Kakinada onshore terminal today, a truly world class facility. Together with Reliance we are focused on finding more hydrocarbons and addressing the complexities of the geology off the east coast of India.”
In Feb 2013, BP and Reliance had announced a KG D6 block enhancement plan targeting 4 tcf (Trillion cubic feet) resources. BP believes India has the potential to find significantly more oil and gas, which requires policy and regulatory support to attract the investment, right technology and capability to find and develop the resources.
Hosting the BP leadership in India, Sashi Mukundan, Region President and Head of Country said, “BP’s footprint and strong relationships gives it confidence to build a material growth business here. India offers BP access to a combination of hydrocarbon resources, growing consumer markets and a large talent pool.”
BP has a century old bond with India through the Castrol brand. The transformational alliance with Reliance, historic marketing positions and strategic affiliation with Indian Oil demonstrate the breadth of this relationship.