INDIAN GAS INVESTMENT: $6 BLN
OGJ - BP PLC and Reliance Industries Ltd. (RIL) have agreed to expand their energy partnership in India and will move forward in developing already-discovered deepwater gas fields.
The firms will award contracts to advance development of the R-Series deepwater gas fields on Block KGD6 offshore eastern India. The R-series (D34) project is a dry gas development in more than 2,000 m of water about 70 km offshore. The fields will be developed as a subsea tieback to the existing control and riser platform off Block KGD6. The project is expected to produce as much as 12 MMcfd of gas coming on stream in 2020.
It's the first of three planned projects on Block KGD6 that are expected to be developed in an integrated manner, producing from about 3 tcf of discovered gas resources. RIL and BP plan to submit development plans for the next two projects for government approval before yearend. Development of the three projects, with total investment of $6 billion, is expected to bring a total 1 bcfd of new domestic gas production on stream, phased over 2020-22.
BP and RIL partnered in 2011 when BP acquired 30% interest in multiple oil and gas blocks in India operated by RIL, including the producing Block KGD6. RIL currently operates KGD6 with 60% interest, while BP still holds 30% and Niko Resources Ltd. has the remaining 10%.
BP and RIL together invested $1.6 billion in deepwater exploration and production from 2011 through this May. In addition to the D55 gas discovery in 2013, the partnership has sustained production from the geologically complex reservoirs in D1D3 and D26 fields on Block KGD6.
As part of the expanding partnership, the firms also will jointly explore options to develop differentiated fuels, mobility, and advanced low-carbon energy businesses in India.
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AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
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FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.