Mumbai: BG India, a part of the British Gas group, plans to invest $1billion in exploration business in the next two to three year period, a top company official said.
“We are into full gas chain, both upstream and downstream, and our intent would be to expand in India,” BG India’s managing director, Kapil Garg, told PTI on the sidelines of a conference to inaugurate British Gas Petroleum Geosciences Lab at the Indian Institute of Technology (IIT), here.
British Gas has funded the geosciences lab at IIT in Mumbai to facilitate high quality research facility in the field of oil exploration.
India is one of BG Group’s six core geographic areas of operation. BG India is responsible for managing and developing the upstream and downstream interests of the BG Group in India.
It is the largest investing foreign company in the Indian oil and gas sector, having invested approximately $900 million to date.
“We have a presence in the west and east coast in oil exploration activities,” Garg said. India needs nearly $300 billion investment for exploration of hydrocarbon.