Reliance Makes Shallow Water Discovery Offshore India
Thursday, January 23, 2003
Later next month Reliance Industries is expected to make a formal announcement regarding their recent gas discovery in the Gulf of Cambay offshore India. "We shall make the announcement at an appropriate time," RIL chairman and managing director Mukesh Ambani said when asked about the latest gas find in the western offshore. However, Petroleum Minister Ram Naik confirmed the discovery and said the petroleum major has yet to inform the Director General of Hydrocarbons of the find. "The company shall first inform the DGH before making any announcements", he said. According to senior company officials, RIL has struck hydrocarbons in the very first well it drilled in the GK-OSJ/1 block in the shallow waters of Gulf of Cambay. No assessment of in-place reserves has been made as the reserves are yet to be tested. The block is one of the five blocks RIL acquired from Tullow Oil of UK for just over $1 million.