NEW DELHI, Dec 22, 2006 (Dow Jones Newswires)
Indian conglomerate Reliance Industries Ltd. (500325.BY) will begin crude oil production at its offshore D-6 block in the Bay of Bengal by the first quarter of 2008, the Press Trust of India news agency reported Friday.
Quoting a source, the report said Reliance has filed a development plan for the MA-1 and MA-2 oil finds in the block KG-DWN-98/3, also known as D-6, envisaging production of about 40,000 barrels a day of oil by February 2008.
A floating production, storage and offloading vessel will be installed by October 2008 to boost output to 50,000 b/d, said the report.
"The investment to be made for producing oil is being worked out with the Directorate General of Hydrocarbons," the reported quoted the source as saying.
So far, Reliance has made about a dozen natural gas discoveries in the D-6 block, said the report. According to current estimates, the block is said to hold gas reserves of around 50 trillion cubic feet, it added.
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