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.

Reliance has a budget of US $5.2 billion to develop and $3.5 billion for maintenance of Krishna Godavari basin which is the biggest gas field in India.

The report has been confirmed by the Director General of Hydrocarbons.

Reliance stock was up during Friday’s trading session. The stock price touched all time high of Rs 2,294. Reliance Industries has shown consistent performance during previous quarters. The company stock has offered a great return to its investors. With the rising stock prices,

Reliance group has become the biggest private sector player in India.
Ambani brothers divided their assets recently and both groups have shown great performance after the split. Both brothers are among the richest individuals in India.