AsianOil: BP eyes increased role in India

UK oil major BP announced on September 25 that it is holding a board meeting in India this week as it looks for further investment opportunities in the country. This comes as India, the world's third-largest oil importer and consumer, seeks to bolster its own oil and gas production, which has stagnated in recent years.

In June, the Indian government revealed that Oil and Natural Gas Corporation (ONGC), the nation’s leading exploration firm, was in discussions to form a technical partnership with a leading international oil company to enhance production at the Mumbai High fields located offshore on India’s western coast.

BP's CEO, Murray Auchincloss, highlighted the company's growing presence in India. "We see growing business opportunities, including through our world-class partnership with Reliance, producing the country's gas and growing our joint retail presence," he said in a statement.

During their five-day visit, the BP board also met with Indian Oil Minister Hardeep Singh Puri, who spoke optimistically about the ongoing collaboration between BP and India. "Robust partnership between the global energy major and India, which spans across the entire energy value chain including exploration and production, biofuels, fuel retail and other emerging areas, will continue to grow further," Puri posted on social media platform X.

BP has already established a substantial foothold in India through its partnership with Reliance Industries. Together, the two companies operate around 1,900 fuel filling stations and produce oil and gas from a deepwater block in the Krishna-Godavari Basin, located off the country’s east coast. Additionally, the BP-Reliance collaboration has teamed up with ONGC to bid for rights to explore an offshore block, according to the Directorate General of Hydrocarbons' website.

BP chairman Helge Lund emphasised the broader goals of the partnership, stating: “By leveraging our combined experience and expertise with our partners, we aim to facilitate the secure, affordable, and lower-carbon growth of India's energy resources to meet the increasing demand.”

BP's activities in India span several decades, and its joint venture with Reliance represents one of its most significant partnerships in Asia.

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