BP Plc and Reliance Industries are likely to soon start joint import of lNG into India as they look to step up marketing of natural gas to meet demand of the growing economy, a top official said on Monday.
India Gas Solutions Pvt ltd — the 50:50 joint venture of BP and RIl — has already started efforts to gauge appetite of Indian consumers for imported liquefied natural gas (lNG), its newly appoint CEO Vinod Tahiliani said.
The exercise is in parallel to the firm's effort to solicit interest in 12 million standard cubic meters per day of gas that RIl-BP plan to produce from R-Series fields in KG-D6 block by 2020, he said. “We are marketing it (lNG) alongside R-Series gas,” he said. “Ultimately, customer wants reliable and competitively priced supplies.”
Asked when the joint venture would import the first lNG, he said, “you will hear soon”.
BP has a vast portfolio of lNG — trading 200 cargoes annually, 7 lNG ships and 9 more on vessels on order.
IGS was formed in 2011 when BP bought 30 per cent stake in RIl's gas producing KG-D6 and 20 other blocks for $7.2 billion.