D6 partners to invest $4bn

Kashmiri women walk past Indian currency notes stapled to a garland at a market in Srinagar November 20, 2006. REUTERS/Fayaz Kabli (INDIAN-ADMINISTERED KASHMIR)

Looking to spend: Reliance and its partners will reportedly invest $4 billion to develop satellite gas fields off India's east coast

REUTERS/FAYAZ KABLI

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News Wires

 22 June 2012 04:21 GMT

Indian energy major Reliance Industries and its partners BP and Niko Resources plan to spend $4 billion to develop satellite gas fields off India's east coast, according to reports.

Reliance holds 60 percent of the D6 block, BP has 30 percent and the rest is held by Canadian oil and gas producer Niko.

"This is a rough estimate, but overall we plan to invest $4 billion in developing the satellite fields in KG-D6 and are hoping to submit an integrated development plan by the end of the current fiscal (year)," the Economic Times quoted a senior Niko executive as saying in a conference call.

Gas output from the D6 Block has been falling and earlier this week Niko estimated total proved plus…

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