Reliance Industries Ltd and BP Plc said on Tuesday they would jointly develop their third project, a deep water gas field off the east coast of India.

The oil majors sanctioned development of two other projects in the last two years.

The three projects are expected to develop a total of about 3 lakh crore cubic feet (tcf) of discovered gas resources with a total investment of about Rs 35,000 crore ($5.04 billion).

($1 = Rs 69.37)