RIL makes new deepwater gas discovery
Stock in Reliance Industries Ltd (RIL) gained nearly 2 per cent to hit nearly Rs 810 a piece in the early morning trade on Friday, thanks to the announcement of a new gas discovery.
Energy conglomerate RIL and its British partner BP Plc announced that they made a new gas condensate discovery in the deepwater block CY-DWN-2001/2 (CYD5), nearly 62 km from the coast in the Cauvery Basin off the east coast of India.
In a statement to the Bombay Stock Exchange (BSE), the energy conglomerate said, "RIL-BP Announce New Deepwater Gas Condensate Discovery in Cauvery Basin."
The companies drilled an exploration well, CYIII-D5-S1, at a water to a total depth of 5,731 meters with an aim to explore Mesozoic-aged reservoirs. Preliminary estimates suggested the presence of gas condensate in the reservoir with a gross column of around 143 meters.
RIL owns 70 per cent share in the oil & gas block in the Cauvery Basin, while BP Plc has a 30 per cent share.