RIL-BP combine announces new gas discovery in Cauvery basin
Mukesh Ambani-led Reliance Industries Ltd (RIL) and its British partner BP Plc have announced a new gas condensate discovery off the east coast of India in the Cauvery basin. This is the second discovery in the deep-water block in which RIL owns 70 per cent equity and rest 30 per cent is owned by BP.
The new discovery, in the deep-water block CY-DWN-2001/2 (CYD5), is situated 62 km from the coast in the Cauvery basin. CYD5 was drilled at a water depth of 1,743 metres, to a total depth of 5,731 metres, with the primary objective of exploring Mesozoic-aged reservoirs.
The well has initial reservoir pressure of 8,000 psi flowed gas at the rate of 35.2 million standard cubic feet per day with condensate at the rate of 13 barrels per day through 52/64" choke during drill stern test.
The central government and directorate general of hydrocarbons have been notified of the discovery, named D-56.
RIL scrip was up 1 per cent and was quoting at Rs 814.2 a share in early morning trades on the BSE in a flat Mumbai market on Friday.
Last month, RIL had inked a memorandum of understanding with the Oil and Natural Gas Corporation (ONGC) to explore the possibility of sharing RIL’s infrastructural facility in the east coast.
(Edited by Joby Puthuparampil Johnson)
In a welcome move, the Ministry of Corporate Affairs on 19 July 2016 issued a notification amending the Compan