8th Gas Discovery helps Reliance Industries in today's trade
Reliance Industries informed on Tuesday that the company has discovered more gas in an exploration block located in east coast of India. This is the eighth major gas discovery for the company in the block allotted to the company under the New Exploration and Licensing Policy (NELP-I) in 1999.
The company expects to produce 35-40 million cubic metres per day of gas from the block. The company has named the latest gas discovery in Mahanadi shallow water Dhirubhai-40. The company has notified Directorate General of Hydrocarbons regarding the new gas discovery.
RIL owns 90% stake in D-6 block. The rest 10% stake is owned by Canada's Niko Resources Ltd. Reliance Industries has stake in 34 oil and gas blocks in the country. The company owns world's third biggest oil refinery. The stock was up by 1.5% on Wednesday.