The joint venture said that it has completed the safe cessation of production in a planned manner, from the "D1 D3 field in Block KG D6 (KG-DWN-98/3)", off the east coast of India.
The "D1 D3" field was India's first deepwater gas field to be put on production in April 2009.
"The RIL-BP joint venture has successfully worked to extend the life of production from the 'D1 D3' Field which otherwise would have ceased production in 2015 due to issues of reservoir pressure and water ingress," the joint venture said in a statement.
"Through innovation and application of first-of-their-kind solutions, the field's life was extended for almost five years, to February 2020, maximising the recovery from the field."
The KG D6 Block has so far produced an overall 3 TCFe (trillion cubic fee t-equivalent) resulting in energy import savings of over $30 billion.
The JV has committed an additional $5 billion (Rs 35,000 crore) of investments towards monetising about 3 TCFe (about 500 million barrels of oil equivalent) reserves from three projects - "R cluster, Satellite cluster and MJ fields".
"These projects will utilise the existing gas production infrastructure. Further, this infrastructure can act as a hub for development of any discovery from contiguous areas," the JV said.
"The first-gas from these fields is expected in mid-2020. The peak product ion from these three fields is expected to reach 1 BCFe (billion of cubic feet equivalent) per day which is about 15 per cent of the then envisaged India's demand."
( With inputs from IANS )