BP plans to invest up to $4 billion by 2030 in India’s upstream oil and gas sector, signalling a strategic commitment amid recent reforms and initiatives to boost domestic production and attract foreign investment.
BP plans to deepen its commitment to India’s oil and gas sector with an investment of $3 billion to $4 billion by 2030, with about two-thirds of that sum expected to go into upstream work such as exploration bidding rounds and drilling activity, according to the company’s India management. The strategy reflects BP’s view that India remains one of its more important long-term markets, particularly at a time when the country is pushing to expand domestic production and reduce dependence on imported energy.
That upstream push builds on BP’s established position in India. The company holds a 33.33 per cent stake in the KG-D6 block with Reliance Industries, where the partners have already brought multiple deepwater fields into production, and it is also working with state-run Oil and Natural Gas Corporation on technical services for Mumbai High and on fresh exploration opportunities in offshore basins. Industry coverage of the KG-D6 project has highlighted its scale and its role in offshore gas development, with the block’s deepwater fields forming an important part of India’s domestic gas supply picture.
BP’s India chief said the government’s Samudra Manthan initiative could be a turning point for the sector, pointing to support for 2D and 3D seismic surveys, stratigraphic wells and offshore infrastructure. The programme, which has been backed by $9 billion in investment, comes alongside earlier changes to the oil and gas legal framework, simplified procedures and revenue-sharing contracts. The company argues that these steps make exploration more viable, although it says execution will determine whether reforms translate into sustained foreign investment.
Alongside exploration, BP is also focusing on mobility and downstream operations in India, including fuel retail, diesel doorstep delivery and electric-vehicle charging. The company says India’s market for liquefied natural gas remains attractive because demand is structurally strong and long term. It also sees scope for more organised crude procurement and trading. The same executive said crude prices could edge higher this year and next, with a range of $75 to $80 a barrel, as inventories are rebuilt.
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