Tuesday, July 17, 2007

Reliance strikes gas in Cauvery basin

NEW DELHI (Reuters) - India's top private exploration firm Reliance Industries Ltd. has struck gas in a deep water block in the Cauvery Basin, off the east coast of India, the upstream regulator said on Monday.
"This morning they informed us about discovery of gas and condensate in their Cauvery basin block. The discovery is on the basis of one well drilled by the firm," V. K. Sibal, head of the Directorate General of Hydrocarbons, told Reuters.
This is Reliance Industries' first discovery in the deepwater block CY-DWN-2001/2 off Tamil Nadu.
Reliance was initially holding 90 per cent participating interest, with Hardy Exploration & Production (India) Inc holding the rest.
The block was awarded in the third round of New Exploration and Licensing round. Subsequently, Hardy pulled out and RIL now holds 100 per cent interest in the block.
Sibal said the company has to undertake further appraisal and testing to ascertain the scale of the reserves.
Reliance Industries has convened a news conference for Tuesday and is expected to detail the gas discovery.                                                              

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