Reliance Industries has reported discovery of Oil in a new block in the Krishna Godavari (KG) basin. As per the earlier report which came on Friday, Reliance found oil resources in D4 block, also called KG-DWN-98/1.
Reliance Industries informed that the newly found oil reserve had an initial flow rate (IFR) of 596 barrels per day. Reliance had also found oil in Cauvery basin with IFR of 1000 barrels per day in July this year.