Reliance Industries and its partner BP Plc of UK have pushed back the start of production from the second wave of discoveries in their eastern offshore KG-D6 block to end June because of restrictions on movement of people and material the nationwide lockdown has imposed. At current Brent oil price of around $26 per barrel, the gas from R-Series field in KG-D6 block will cost about $2.2 per million British thermal unit - lower than even the government mandated rate of $2.39 for gas from state-owned ONGC fields.
The company is working on three projects in the KG-D6 block, where production from older fields stopped in February this year. It expects to achieve a peak output of around 28 million standard cubic metres per day by FY24 when all three projects are up and running. Reliance and BP are developing three sets of discoveries in KG-D6 block.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1306.65 |
| Indian Oil Corpn. | 142.25 |
| Bharat PetroleumCorp | 313.85 |
| HPCL | 405.75 |
| MRPL | 146.50 |
| View more.. | |
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