The RIL-bp joint venture today confirmed that it has completed the safe cessation of production in a planned manner, from the D1 D3 field in Block KG D6 (KG-DWN-98/3), off the east coast of India. The D1 D3 field was India’s first deepwater gas field to be put on production in April 2009.
The RIL-bp joint venture has successfully worked to extend the life of production from the D1 D3 Field which otherwise would have ceased production in 2015 due to issues of reservoir pressure and water ingress. Through innovation and application of first-of-their kind solutions, the field’s life was extended for almost five years, to February 2020, maximizing the recovery from the field.
The KG D6 Block has so far produced an overall 3 TCFe resulting in energy import savings of over $30 billion. These fields also established several global benchmarks in terms of operational performance including 99.9 % uptime and 100% incident-free operations.
As already informed, the JV has committed an additional $5 billion (Rs. 35,000 Crores) of investments towards monetizing about 3 TCFe (about 500 Million Barrels of Oil equivalent) reserves from three projects - R cluster, Satellite cluster and MJ fields. These projects will utilize the existing gas production infrastructure. Further, this infrastructure can act as a hub for development of any discovery from contiguous areas.
The first-gas from these fields is expected in mid-2020. The peak production from these three fields is expected to reach 1 BCFe per day which is about 15% of the then envisaged India’s demand.
With its many investments in India and employing around 7,500 people in the natural gas, lubricants and petrochemicals businesses, bp is one of the largest international energy companies in India. In addition to its gas value chain alliance with Reliance Industries Ltd., bp’s activities include Castrol lubricants; the licensing of competitive petrochemical technologies; oil and gas trading; clean energy projects through its investment in Lightsource bp; IT and procurement back office activities; staffing and training for bp’s global marine fleet; and the recruitment of skilled Indian employees for its global businesses.
RIL is India’s largest private sector company, with a consolidated turnover of INR 622,809 crore ($90.1 billion), cash profit of INR 64,478crore ($9.3 billion), and net profit of INR 39,588 crore ($5.7 billion) for the year ended March 31, 2019. RIL’s activities span hydrocarbon exploration and production,petroleum refining and marketing, petrochemicals, retail and digital services.
RIL is the top most ranked company from India to feature in Fortune’s Global 500 listof ‘World’s Largest Corporations’ – currently ranking 106th in terms of both revenues and profits. The company stands 71st in the ‘Forbes Global 2000’ rankings for 2019 –top-most among Indian companies. It ranks 10th among LinkedIn’s ‘The Best Companies to Work For In India’ (2019).
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