In February, Reliance had agreed to sell a stake in 23 of its oil and gas blocks, including some in the KG basin, to BP in a USD 7.2 billion deal, and is expected to benefit from BP's deepwater exploration expertise.
The partnership will synergies BP's worldwide deep-water expertise with Reliance's project execution capabilities and efforts in India's deepwater basins to form an unparallelled combination, he said.
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Reliance's KG D6 block has already supplied about 1.2 trillion cubic feet of natural gas and about 14 million barrels of crude oil to various customers in the country since the beginning of production.
After the government's approval for the BP-Reliance partnership, the KG D6 reservoirs will be jointly assessed to address the technical issues in ramping up production, Ambani added.
Reliance is also actively working on development of the coal bed methane blocks in Sohagpur, Madhya Pradesh. As part of the strategic partnership, Reliance and BP are also forming a 50:50 joint venture to source and market natural gas across India.
Ambani also said the company would develop its broadband business plans over three to five years.
Last year, Reliance announced entry into the telecom business with a USD 1 billion acquisition of Infotel Broadband, the only company to win nationwide licence for broadband wireless (BWA) spectrum in a government auction.
Reliance plans to create end-to-end solutions that address the complete digital value chain, including rich content, applications and services.
RIL shareholders were, however, disappointed as Ambani did not make any comments on future plans and there was also no clarity on KG-D6 gas output or cash utilisation, shareholders said.
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