Friday 22 June 2012

Reliance, partners aim to spend $4bn on India gas field: Says MoneyControl

Energy major Reliance Industries and its partners BP and Niko Resources plan to spend USD 4 billion to develop satellite gas fields off India's east coast, according to media reports on Friday, citing company officials and government sources.

Gas output from the D6 block has been falling. On Thursday, shares in Reliance and Niko fell after the Canadian oil producer late on Wednesday estimated that total proved plus probable reserves at the D6 block, as of March 31, had decreased to 1.93 trillion cubic feet.

The block had earlier been estimated to hold more than 9 trillion cubic feet (tcf) of gas.
The Economic Times said Reliance was also keen to explore for more hydrocarbons that may lie beneath the field already under production. [ New Source ]

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