At its 39th annual general meeting (AGM) in Mumbai, Mukesh Ambani, Chairman of Reliance Industries (RIL) informed that the firm plans to invest Rs 1.5 lakh crore over the next three years.
He remarked that the firm is investing the largest capital in India by any enterprise public or private, Indian or foreign and this is an expression of the faith of Reliance in India and in her potential.
Speaking about its core oil and gas business in India, Ambani said the firm commenced exploration campaign in the East Coast of India. Its first success has been achieved in the MJ1 well in KG-D6 block. This has the potential to add significantly to its resource base, he said.
This discovery is a testimony to the combined technical skills of BP and Reliance and the prospectivity of the KG basin. This gas and condensate reservoir is located 2 km below the currently producing D1, D3 gas fields and has exhibited very good potential during the flow test, he added. He also said additional hydrocarbon resources in the KG-D6 and NEC25 blocks.
He also informed that the firm will develop the two coal bed methane blocks in Sohagpur, Madhya Pradesh, despite various execution and infrastructure challenges.
For immediate utilisation of this gas by various consumers, the firm wants to build a pipeline to connect to the major pipeline grid of the country. It has sought approval for the pipeline project.
Leave a Reply
You must be logged in to post a comment.