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Reliance strikes oil off Yemen coast
June 16, 2003 12:39 IST
Reliance Industries has found oil in a block off the Yemen coast, Mukesh Ambani, chairman of the petrochemicals, oil exploration and refining giant told a shareholders meeting on Monday.
This discovery is expected to be equivalent to about half of Reliance's share of crude oil from the Panna, Mukta, Tapti offshore fields in the Bombay High region, he said in Mumbai.
Reliance holds a 30 per cent stake in a joint venture with BG Exploration and Production (India) and Oil and Natural Gas Corporation to develop to produce these three gas fields.
Ambani also said Reliance had estimated an annual revenue of Rs 100 billion, at current prices, from gas reserves at its deep-sea block off Andhra Pradesh.
"...To date, less than 20 per cent of the Krishna-Godavari basin D6 block area has been explored," he said.
In April, India's second-most valuable listed company had raised the estimated size of its gas reserves in the Krishna-Godavari basin to 14.5 trillion cubic feet from 10.5 trillion.
The company announced the gas discovery, India's largest in nearly three decades, in October last year and had initially estimated its reserves at 7.0 trillion cubic feet.