In its third consecutive success at the Krishna-Godavari Basin in West Bengal, Reliance Industries Limited (RIL) discovered a new gas reserve on Tuesday, December 22. As soon as the news of the potential find poured in, the Reliance shares jumped by 1.2% to Rs. 1,029.
The deepwater exploration block KG-DWN-2003/1, better known as KGV-D3, is situated in the Krishna basin, at a distance of approximately 45 km off the cost in the Bay of Bengal. This block is located strategically, near the KG-D6 block, where 19 oil companies have already started production. According to the company sources, the first two wells KGV-D3-A1 and KGV-D3-B1 were named Dhirubhai 39 and Dhirubhai 41, respectively, while the newly discovered KGV-D3-R1 will be named Dhirubhai 44. During the drilling, three reservoir zones of thickness 4, 23, and 16 meters were discovered at the Miocene level. As per RIL, it has identified several other prospects at different stratigraphic levels.
RIL holds 90% share in the KGV-D3 block, with the remaining 10% held by Hardy Exploration and Production India Inc. The total natural gas reserves in the block are estimated at 9.5 trillion cubic feet. The significant discovery comes at a time when RIL plans to explore 80 million cubic meters from KG-D6 by 2010, doubling the current national output of natural gas.
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