Europe’s second largest oil company BP Plc will hold a board meeting in India tomorrow or the day after with Chairman Carl Henric Svanberg and CEO Bob Dudley having reached India.
BP, along with its partner, Reliance Industries Limited (RIL), has been pressing the Indian government for a revision of the present gas pricing policy. They want it to be brought on par with international prices, which are hovering around $12 to $14 mbtu. On the agenda of the board is a visit to the KG-D6 gas field.
Mr. Dudley met Prime Minister Manmohan Singh and the Deputy Chairman of Planning Commission Montek Singh Ahluwalia last month and had sought revision of gas prices as low pricing of energy would not attract investments from international investors.
ADVERTISEMENT
“I have asked the BP board of directors to hold their May meeting in India so that the members can see the challenges and opportunities themselves before they are asked to consider additional investments in India,” Mr. Dudley had stated in his letter to Dr. Singh on April 15.
BP, had, in 2011, bought a 30 per cent stake in 21 oil and gas blocks of RIL.