By: Pravin Prashant
Last updated : January 23, 2021 8:30 am
The company has entered into a definitive agreement for making capital contribution up to US $50 million in Breakthrough Energy Ventures II
Reliance Industries Limited (RIL) and BP have announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India.
RIL and BP are developing three deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster and MJ – which together are expected to meet around 15% of India’s gas demand by 2023. These projects will utilise the existing hub infrastructure in KG D6 block. RIL is the operator of KG D6 with 66.67% participating interest and BP holds 33.33% participating interest.
The company has entered into a definitive agreement for making capital contribution up to US $50 million in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, in the United States of America.
The Fund will have special focus on “tougher climate challenges” in greener steel and cement, long-haul transport, direct air capture and hydrogen. The capital contribution commitment of US $50 million and the said investment will be made in tranches over the next 8-10 years.