"We hope to expand our solar power business.. we hope to help find oil and gas and win access to supplies in the world market and to build on the businesses we have - processing, distributing and marketing of fuels," Lord John Browne, BP Plc chief executive said at an interaction with Indian industry leaders.
Terming the agreement with HPCL for the Rs 12,000 crore (Rs 120 billion) Bhatinda refinery as the "first step", Browne said BP hopes to build a long and fruitful relationship in one of the rapid growth markets of the world.
The chief of the world's largest oil firm also pitched in for clean and affordable energy sources, especially in rural areas, and said his company was working on a business model to provide cooking fuels to millions of households in India.
"We have developed a hybrid appliance integrating an LPG cylinder and a biomass burner which can dramatically reduce indoor air pollution and which allows people to choose which fuel they use. The offer includes home delivery of the appliance, LPG cylinder and micro finance options for the initial capital cost," he said.
The company intends to cover 20 million households across rural India by 2020, he said, adding their business model would also help provide income generating opportunities to people by giving them a chance to run a small business as entrepreneurs and dealers.
BP's business in India is currently limited to a venture into renewable energy with Tatas and selling lubricants through Castrol. Tata BP Solar manufactures 38 MW of solar panels every year and provides power for 75,000 households.
The BP chief also discounted fears of crude oil touching $100 a barrel, a view held by many market analysts and punters given the sudden surge in global prices during the past few months.
"There are two different opinions on this - one, that crude oil could cross $100 and another that it won't... we don't believe in crude touching $100 a barrel," he said, adding the prices will however "vary".
In the medium term crude oil prices could be in the range of around $40 and in the long term prices could fall in the range of $20-40 a barrel, he said, but did not specify the duration of 'medium' or 'long' term.
Browne also stressed on developing alternative sources of energy and said there was a need to promote efficient use of carbon products to reduce environmental pollution.