Reliance Industries Ltd, India's most valuable company, has announced that it has found more gas in D3 deep sea block, in the Krishna-Godawari basin, in the countries eastern coast.

According to a statement issued by Reliance Industries, the company has found three gas reservoirs in the KGV-D3-R1 well, which have been drilled on the KG-DWN-2003/1 (D3) block, located 45 kilometers away from the coast of Bay of Bengal. The company's D6 block contains 19 oil and gas sites, out of which, on the 3, production has already been started.

In the auction under the New Exploration Licensing Policy, Reliance had acquired a block in which it holds around 90 percent of the total stake and the rest 10 percent is held by Hardy Exploration and Production India Inc., which is UK's unit of Hardy Oil.

This new find will help Reliance to increase in its income by selling the gas across the country. Although, India is the second fastest growing company in the world, the fuel supply is half the total requirement to run power, chemicals and fertilizer plants.

Reliance has planned to produce 80 million cubic meters of gas from India's largest field, KG-D6, which includes two times the India's output of the cleaner-burning fuel, by the next year.

While commenting on the significance of the oil find, the head of research at Prabhudas Liladher Pvt. in Mumbai, Mr. Prabhudas Liladher said, "What this discovery means for Reliance and the Indian economy is still a far shot. The announcement will only make sense if the size of the reserves is substantial."

The oil discovery has helped the Reliance shares to rise by 0.7 percent to Rs. 1,023.75 per share at the Bombay Stock Exchange. Moreover, the stock has increased by 63 percent in the year 2009.