EIN News says, "BP Signs Up to $20 Billion Oil and Gas Deal in India The British oil group is taking a 30% stake in 23 oil and gas production sharing contracts operated by Reliance, India's biggest listed company and forming a joint venture to develop the infrastructure to extend the country's gas network. BP is paying $7.2 billion for its production sharing interests and up to $1.8 billion in performance payments based on future commercial discoveries. (telegraph.co.uk)".
The translation is that BP is putting up $7.2 billion for sharing future oil and gas production in India, which BP hopes to discover.
Note that BP is not investing $7.2 billion in wind and solar energy. They apparently have much more confidence in oil and gas, which has not even been discovered yet, as opposed to solar and wind, which is supposedly there for the taking.
Shell, BP, Chevron and other oil and gas producers are putting their money on oil and gas. This is diametrically opposed to the US government's program to de-accent oil and gas and concentrate on renewable energy, including solar and wind. Who Would you like to bet on as being probably correct in their financial analysis?
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