RIL to reduce India's dependence on imported gas: RIL share price gains
Reliance Industries (RIL) share price gained in the early trade on December 21 after the company announced the start of production from the ultra-deep-water gas field in block KG D6.
RIL and BP on December 18 announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India, RIL said in the release.
RIL and BP are developing three deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster and MJ – which together are expected to meet ~ 15% of India's gas demand by 2023.
These projects will utilise the existing hub infrastructure in KG D6 block.
RIL is the operator of KG-D6 with a 66.67% participating interest and bp holds a 33.33% participating interest.
"We are proud of our partnership with bp that combines our expertise in commissioning gas projects expeditiously, under some of the most challenging geographical and weather conditions," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
Peak gas production from the three fields is expected to be around 30 mmscmd (1 bcf/d) by 2023 which is expected to be about 25% of India's domestic production and will help reduce the country's dependence on imported gas.