RIL strikes third gas reserve in KG basin

Reliance Industries Ltd (RIL) has said that it has made its third gas discovery in the exploration block KG-DWN-2003/1 (KG-V-D3) of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometres off the coast in the Bay of Bengal, the company said in a release.

The discovery, named 'Dhirubhai–44', has been notified to the Government of India and the Directorate General of Hydrocarbons (DGH). The potential commerciality of the discovery is being ascertained through more data-gathering and analysis, RIL said.

This discovery supplements RIL’s understanding of the petroleum systems within the block, it said. Besides the above discoveries, several prospects have been mapped at different stratigraphic levels to fulfil the balance minimum work commitment of three wells, RIL said.

The block covers an area of 3,288 sq km. RIL holds a 90% participating interest (PI) while the rest is held by Hardy Exploration and Production India Inc.

Earlier in May, RIL struck big in two nearby blocks with estimates putting in place natural gas reserves at 20 trillion cubic feet (Tcf). D-3 and D-9 blocks in the same KG basin may hold 9.5 Tcf and 10.8 Tcf of gas reserves respectively. D-6, which may hold up to 50 Tcf of gas reserves, began producing in April and is slated to double India's natural gas production by the year-end when it reaches 80 million cubic metres per day.

Last month, RIL announced its first oil discovery in the Cambay basin near Ahmedabad. It was the second major oil discovery in the Cambay basin since the past five years. State-run GAIL (India) Ltd, in association with the Gujarat State Petroleum Corp (GSPC), had struck oil in this area in 2004.

At 12.45pm, RIL shares were trading 0.49% higher at Rs1,021.50 on the Bombay Stock Exchange while the benchmark Sensex was up 83 points at 16,684.

  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)