Reliance Industries commences production in KG-D6 block

22 Sep 2008 | 09:52

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Reliance Industries commences production in KG-D6 block


Reliance Industries has commenced production of hydrocarbons in its
KG-D6 block of Krishna Godavari Basin with the production of crude oil
on 17 September 2008. The field is initially producing about 5,000
barrels of crude per day and is expected to reach its peak hydrocarbon
production of 5,50,000 BOEPD over the next six to eight quarters. A
first of its kind hydrocarbons production from any deep water field in
the country, Reliance KG-D6 will account for 40% of country's current
indigenous hydrocarbon production. It is estimated that the production
from KG-D6 facility will save India an annual foreign exchange outflow
of US $ 20 billion.

The
KG-D6 block (KG-DWN-98/3) in Krishna Godavari basin was awarded to RIL
under NELP-1 RIL holds 90% Participating Interest (P1) and Niko
Resources holds 10% PI in the block. Reliance is the largest
exploration acreage holder in the private sector in India. Its E&P
assets consist of 54 blocks spanning eight countries. With 42
discoveries to date, Reliance has an exploration success ratio of over
60% which is significantly higher than global averages.

The company made this announcement during the trading hours today, 22 September 2008.