India's largest private-sector company, Reliance Industries (RIL), has announced yet another gas discovery in block KG OSN-2001/1 in the Krishna basin on the east coast of India.

This is the third gas discovery in the KG-OSN-2001/1 (KG-III-5) block, the company said, adding that the discovery has been named 'Dhirubhai-38'.

RIL is the sole operator of this block, which is spread over an area 1,100 square kilometers. The project was awarded to RIL during the third round of NELP

The well KG-III-05-J1 was drilled at a water depth of 151m and to a total depth of 2820m with the objective of exploring the Miocene play fairways within the block and for further understanding of the Krishna basin.

The company, which is now rapidly emerging as a major upstream oil player, is now evaluating the potential of the discovery.

An official release said, “The discovery substantiates the hydrocarbon potential of this block.”

At 1:45 pm, the stock was quoting at Rs 3199 on NSE. Today, it touched lifetime high of Rs. 3298 during intraday trading. The stock was trading on high volume of over 37 lakh shares.