Mumbai, May 9 : The Reliance Industries (RIL)-led consortium operating the offshore KG-D6 gas fields plans to serially invest $5 billion to reverse falling output.

"We are planning to invest in a series of projects to develop around four trillion cubic feet of discovered natural gas resources from the block," RIL chairman Mukesh Ambani said in the company's annual report for 2012-13.

"The field development plan for the R-Series project (in the KG-D6 block) has been submitted to the Government of India for approval. This along with other projects is expected to add incremental production in the next four to five years," he said.

The field development plan envisages bringing to production satellite fields in the eastern offshore KG basin block to raise output that has fallen to less than 16 million standard cubic meters per day from a peak of 64 mmscmd reached three years ago.

"The next wave of projects in KG-D6 block are envisaged to be undertaken over the next three to five years and entail a potential total investment in excess of $5 billion to develop around four trillion cubic feet (TCF) of discovered natural gas resources," RIL said.

Of the 18 gas fields in KG-D6 block discovered by the operators, only two (D1 and D3) have been put to production.

RIL said the average production from KG-D6 block during 2012-13 was 26 mmscmd of gas and 9,225 barrels of oil per day.

"The fall in production is mainly attributed to geological complexity, natural decline in the fields and higher than envisaged water ingress," the company said.

RIL, with 60 percent stake in the consortium, has as its partners Britain's BP with 30 percent stake, while Niko Resources hold the remaining 10 percent.

A management committee set up by the government for KG-D6 had approved a revised field development plan last year designed to boost gas production for the MA oil and gas field in the KG-D6 block. (IANS)