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Publish Date : 22-Apr-2016

The Mumbai-headquartered Indian conglomerate Reliance Industries Limited (RIL) has floated tenders for the development of several of the deepwater oil and gas assets of the company.

The Indian private sector energy major has planned to develop its vast assets as part of a strategy to boost revived demand for breakbulk in the country.

Over issues related to pricing and regulatory fields, RIL has not been able to develop its oil and gas field assets.

RILs newly issued tenders are meant for work in the KG-D6 block offshore the Southern Indian State of Andhra Pradesh.

The Mukesh Ambani-led company and its partner BP are also reportedly to be in discussions to discontinue arbitration with the Government of India over a disagreement on the prices of natural gas.

Once the dispute is settled, the partners will be able to move ahead with the field development works, with prospects of fetching investment of up to US$10 billion for new offshore construction.

RIL and BP are optimistic of exploiting gas of 2.5 trillion cubic feet from the offshore KG-D6 fields over the next couple of years.

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