BP board meets in energy-rich India

The BP board on Friday met for the first time in India with government dignitaries and business partners to gain an understanding of the opportunities in the country and further commit itself to the country’s energy sector.

In an interaction with Indian president Pranab Mukherjee, BP chairman Carl-Henric Svanberg said: “We are working closely with the government of India in its quest for energy security. I am confident that, working together with our partners Reliance Industries, our combined capabilities, experience and expertise in deep water will support the efficient and cost-effective development of India’s energy resources.”

BP occasionally holds a board meeting in a significant market for the company, and this year a decision was taken to hold one in India. This is a clear indicator of the company’s strong commitment to the Indian energy sector. The oil major is focused on finding more hydrocarbons and addressing the complexities of the geology off the east coast of India.

In February 2013, BP and Reliance had announced a KG D6 block enhancement plan targeting 4 trillion cubic feet of resources. BP believes India has the potential to find significantly more oil and gas, which requires policy and regulatory support to attract the investment, right technology and capability to find and develop the resources.