<p>The $7.2 billion joint venture between Mukesh Ambani led Reliance Industries Limited (RIL) and London based energy giant BP PLc has appointed a new chief operating officer for their new-fangledestablishment. Hiten Mehta, the person in charge of BP’s upstream gas project at Anchorage, Alaska has been roped in to lead the joint venture between two of the world’s leading energy based corporations as its new CEO. Hiten Mehta has already come down to Mumbai to take charge of the fast developing venture.</p>
<p>So far, 44 people have been selected to be a part of RIL-BP joint venture. BP’s CEO, Bob Dudley has handpicked executives from BP’s teams placed across the world, while some have been hired from Non-BP projects. The JV will also see strong memberships from Indian subcontinent, selected by Reliance Industries. Five top personnel team, headed by RIL executive director PMS Prasad and BP India’s country head SashiMukundan, are working out the master plan for the JV that is expected to ignite its function in next few months. The primary target that the JV members will look to tackle is to bring up the production from KG-D6 block, India’s most prolific gas block discovery, to 80 mmscmd mark, as lately the block as seen a steady decline in its production level. It will look to develop satellite fields in the vicinity of the block, which can help ramp up the output substantially. Thereafter, the team will chart plans to develop a gas sourcing, distribution and marketing platform in the country. The joint venture in the long run will look to target global markets for expansion of its business. For now, the focal point of all actions is directed towards India and creating value for India.</p>
<p>Also, both RIL and BP are brainstorming over the name for their JV. They will unveil the JV’s name shortly and it is anticipated that the name will be unique and may not have RIL-BP in it. It expected to be an exclusive brand in its self.</p>