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Reliance Industries surges on plan to convert two closed oil wells into gas wells

Reliance Industries Ltd. | Refineries | Oil & Gas | BSE: 500325 | NSE: RELIANCE

13 Sep 2012 Evaluate

Reliance Industries is currently trading at Rs. 806.35, up by 8.85 points or 1.11% from its previous closing of Rs. 797.50 on the BSE.

The scrip opened at Rs. 798.70 and has touched a high and low of Rs. 808.00 and Rs. 794.00 respectively. So far 124117 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 902.00 on 04-Nov-2011 and a 52 week low of Rs. 671.00 on 08-May-2012.

Last one week high and low of the scrip stood at Rs. 808.00 and Rs. 764.05 respectively. The current market cap of the company is Rs. 259808.68 crore.

The promoters holding in the company stood at 45.15% while Institutions and Non-Institutions held 28.20% and 23.32% respectively.

Reliance Industries has decided to drill one gas well and convert two sick oil wells into gas wells on the MA oilfield in the predominately gas-rich KG-D6 block. Through this initiative, the company aims to maximize the gas production from the field.

The entity so far drilled six wells on the MA oilfield, the only oil discovery among the 19 oil and gas finds the company had made in the eastern offshore KG-DWN-98/3 or KG-D6 block. To deal with the problem, RIL and its partner BP Plc of UK submitted a Revised Field Development Plan for MA oilfield in February this year but then the revised plan envisages drilling of a new gas well and conversion of closed oil wells.

The Reliance Group, founded by Dhirubhai H Ambani, is India's largest private sector enterprise, with businesses in the energy and materials value chain. Group's annual revenues are in excess of $30 billion. The flagship company, Reliance Industries, is a Fortune Global 500 company and is the largest private sector company in India.

Reliance Industries Share Price

1365.10 21.65 (1.61%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
Reliance Industries	1365.10
Indian Oil Corp.	145.85
BPCL	312.05
HPCL	370.95
MRPL	183.20
View more..

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Reliance Industries surges on plan to convert two closed oil wells into gas wells

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