April 6 (UPI) — British energy company BP says natural gas operations in India, one of the fastest growing economies in the world, is part of a long-term strategy.
The British energy company is among the largest international companies in India, with around 7,500 people on its payroll. Sashi Mukandan, the company’s regional president, told Indian news agency Mint on Friday that BP expects about 10 percent of its global earnings will come from India. By 2022, three new gas projects will be in operation.
“That’s a billion cubic feet of gas a day and if you look at the forecast for gas demand in India, that is about 10 percent of India’s gas demand by 2022,” he was quoted as saying.
Narayani Mahil, a spokeswoman for BP in India, told UPI the company’s strategy was geared toward capitalizing on natural gas already discovered, finding new opportunities and advancing on its gas-marketing industry there.
“BP continues to have a long-term view and is committed to be a partner with India as the country transitions to a growth engine in a low carbon world,” she said.
BP and Indian company Reliance Industries in June agreed on a series of developments, including deepwater gas projects off the coast of India.
One of the fastest growing economies in the world, India could be on pace to double its total gas consumption by 2022. Demand for total fuels is on pace to increase by as much as 7 percent annually over the next 10 years.
A report from General Electric estimated that India could exhaust its proven resources within the next 25 years, but added that barely a quarter of the country’s reserves have been explored.
A party to the multilateral Paris climate agreement, India has set a goal of reducing its emissions by about 20 percent below 2005 levels by 2020 though greener initiatives.