Reliance Industries Ltd.

Mukesh Ambani owned Reliance Industries has slashed its forecast of gas reserves in the D6 block of India's east coast by about two-thirds to 3.4 trillion cubic feet (tcf). This is expected to hurt the country’s plans to reduce its gas imports. Earlier, D6 block in Krishna Godavari (KG) basin, which was jointly operated by Reliance and BP Plc, was expected to contribute up to a quarter of the gas supply for Asia's third-largest economy.

The company’s latest revision compares with its December 2006 estimate of 10.3 tcf of reserves and brings the figure back closer to the November 2004 estimate of 3.81 tcf. However, output from KG fields has declined, leaving India more dependent on expensive liquefied natural gas (LNG) imports. The entity has changed its capital spending plan from $8.8 billion in 2006 and $2.4 billion in 2004.