RELIANCE REPORTS BIG GAS FIND OFF ORISSA COAST

Search News

Reliance Industries has found gas off the Orissa coast, company chairman Mukesh Ambani said. The gas, found in three wells and estimated to be between 3 to 5 trillion cubic feet, is currently being appraised. Canadian oil company Niko has the right to farm to the extent of 10% into the block NEC-OSN-97/2, which Reliance had won as a part of its NELP bids.

The difference between this find and the previous ones in the Krishna Godavari basin is that the Oil and Natural Gas Corporation (ONGC) does not hold a right to take a 40% stake in the block. The wells have been christened Dhirubhai 9, 10 and 11, after the company's founder.

Addressing shareholders at the annual general meeting in Mumbai, Mr Ambani said that the new discoveries come after earlier operators drilled 61 unsuccesful wells. "RIL is planning to invest Rs 2,500 crore over the next five years in oil exploration," he said.

Mr Ambani also announced that Reliance has struck oil in its exploration programme in an onshore block in Yemen. Reliance has a 25% share in this block and its shares of recoverable reserves in the three wells are estimated to be 50 to 60 million barrels.

The company said it is looking at value generation opportunities overseas for energy security. "Our plan is to achieve 30% energy security for the Jamnagar refinery within the next 10 years and upto 50% by the year 2020. This will be achieved through acquistion of small and medium sized oil companies and particpation in exploration and development projects." Downstream, the company has commissioned 75 retail outlets in various parts of the country.

Mr Ambani said that Reliance Infocomm is expanding services from about 1,100 towns to 5,500 towns in a phased manner. This is being done to reach the unserved marktes and the second phase of expansion will result in the services being avialble to over 100,000 villages. Mr Ambani said that RIL has already invsted Rs 10,483 crores in equity and convertible preference shares of Reliance Infocom.

Find Lawyer / Law Firm

Archives

The New Debit Card and Credit Card Rules as per the RBI

Recently, the Reserve Bank of India (RBI) has brought about some monumental changes within the rules governing the debit cards and credit cards in India. This move has been made with the primary goal More

Legal Consultation - Consult over phone, chat or send questions

Helplinelaw can set up your session with quality and experienced lawyers to discuss and resolve your legal matters. You can avail consultation in form of sending questions, phone call or webchat discussion  More