BPP – BP Plc, the global oil and gas exploration and production company, has signed an agreement with the Ministry of Defence (MoD) to build a $1.1 billion, 200-acre research and development facility in Pune.
The move is an important step towards building an international presence in India and helps boost India’s oil and natural gas industry, the company said in a statement on Monday.
The new facility will be operational by 2025 and will be one of the largest in the world.
It is expected to generate about 5 million barrels of oil and 2.5 million cubic meters of natural gas per year.
The facility is the largest ever for BPP and will create more than 1,500 jobs, the statement said.
The ministry has asked BPP to spend $250 million on its facility.
The company has been asked to submit an environmental assessment by April 2018 and will have until April 2021 to complete it.
The MoD, which has a strong military presence, said the $1 billion facility would be capable of supporting military operations and would support an integrated strategy in the energy sector.