Financial Daily from THE HINDU group of publications
Friday, Jan 10, 2003
Financial Daily from THE HINDU group of publications Friday, Jan 10, 2003 |
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Petroleum Industry & Economy - Petroleum RIL strikes gas off Gujarat Our Bureaus
NEW DELHI/MUMBAI, Jan. 9 RELIANCE Industries Ltd (RIL) has struck gas in its offshore exploration in Gujarat, according to a senior company official. The discovery comes on the heels of its recent mega strike of seven trillion cubic feet reserves in the Krishna Godavari (KG) offshore basin area. Industry sources said that the offshore block, GK-OSJ-1, could have a potential of over one million cubic feet per day of gas, besides the presence of crude. RIL, in consortium with Canada-based Niko Resources had late last year discovered seven trillion cubic feet of in-place gas reserves in its KG-DWN/98/3 block in the deep waters of the KG basin. This could produce up to 40 million standard cubic metres per day in two-and-a-half year's time when the gas would reach consumers.
Stock spurts
The share price of RIL on Thursday gained 2.59 per cent at Rs 296.65 on the BSE, with volumes of 29.76 lakh shares and on the NSE, it gained 2.96 per cent with volumes of 57.05 lakh shares. Buying came in both from the institutional investors and speculators. Brokers said the gas discovery would not be as high as in the Krishna-Godavari basin (KG), but it is good for the company. The report that came during market hours said RIL had struck hydrocarbons in the very first well it had drilled in the GK-OSJ/1 block in shallow waters of the Gulf of Cambay. Till date no assessment of the reserves has been done, but the gas production from the new find could be close to one million standard cubic metres per day. In October 2002, RIL said its KG basin gas project will go on stream around mid-2004.
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