Reliance Hits Offshore Eastern India

Reliance Industries Ltd. has struck natural gas at one of its deepwater exploration blocks. The well, KG DWN 98/3, located off Vishakapatnam on the country's eastern coast was drilled by Transocean Inc.'s drill ship, Discoverer 534. Reliance is the first Indian private sector company to strike gas at any deepwater exploration block. The exploration block is among the 12 acquired by Reliance Industries under the second round of the country's new exploration licensing policy, or NELP-II, through competitive international bidding. With a 90% stake, Reliance is the main operator of the block, with the remaining 10% held by Niko Resources of Canada. The extent of recoverable gas reserves discovered at the site is still being determined. However, according to industry sources, the find could be one of the largest discoveries in the region so far.
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Brent Crude Oil : $54.46/BBL 0.96%
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Natural Gas : $3.44/MMBtu 1.99%
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