India is future, says BP CEO Bernard Looney

India is future, says BP CEO Bernard Looney

India is the future, British energy major BP chief executive Bernard Looney said on August 26 as he lauded the country for becoming the first to land a spacecraft near the moon's south pole.

Speaking with reporters on the sidelines of B20 Summit India organised by CII, Looney said India is "taking incredible steps and doing things in a very innovative and creative way".

"We watched it back in London. Everyone around the world, I think, is excited about the country," he said. "India is the future." BP has invested billions of dollars in an oil and gas field in the Bay of Bengal and is fast expanding a fuel retailing network that also comprises electric vehicle (EV) charging stations.

Both ventures are in alliance with Reliance Industries Ltd.

India is the world's third-largest energy consumer and the fastest-growing major economy in the world. While other competing economies like China slow down, India continues to grow and is eyed by investors across sectors.

"India is hugely exciting for us," he said.

The company in partnership with Mukesh Ambani's Reliance Industries Ltd, is now producing a third of India's gas production after a third set of discoveries in the KG-D6 block was brought to production.

"We are now producing approximately one billion cubic feet (BCF) a day of natural gas, that is approximately one-third of India's domestic gas production today," he said.

Besides interest in the field, BP also has a gas retailing venture and a network of 1,625 petrol pumps in the country. It also has outlets to charge EVs.

"So if we can get the two-wheelers, three-wheelers, and overtime passenger vehicles converted to electric, I think that's going to be hugely important," he said adding the joint venture is also investing in CNG and firms in EV charging and battery business. PTI ANZ ANZ MR