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New Delhi: With gas output from its flagship KG-D6 fields dipping to an all-time low, Reliance Industries (RIL) chairman Mukesh Ambani has said the company will invest over $5 billion in "a series of projects" to reverse the trend.
RIL and its British partner BP have submitted to the government plans to bring to production satellite fields in the eastern offshore KG basin block to raise output that has plummeted to less than 16 million metric standard cubic meters a day from about 64 mmscmd achieved three years ago. "We are planning to invest in a series of projects to develop around 4 trillion cubic feet of discovered natural gas resources from the block," Ambani said in the company's annual report for 2012-13.
While RIL-BP have planned various activities including work-overs, side tracks and compressor addition to maximize recovery from the existing wells, new production would be added in four-five years using existing infrastructure, he said.
"The field development plan for the R-Series project (in the KG-D6 block) has been submitted to the Government of India for approval. This along with other projects is expected to add incremental production in the next four to five years," he said.
RIL has discovered 18 gas fields in KG-D6 block. Of these, only two (Dhirubhai-1 and 3) have been put to production. Satellite fields are now being planned to be developed. AGENCIES
Ind directors' fee up to 5cr from 21L
New Delhi: In a bonanza for its independent directors, RIL has proposed to raise the commission payable to non-executive directors on its board from Rs 21 lakh to Rs 5 crore annually. AGENCIES
RIL and its British partner BP have submitted to the government plans to bring to production satellite fields in the eastern offshore KG basin block to raise output that has plummeted to less than 16 million metric standard cubic meters a day from about 64 mmscmd achieved three years ago. "We are planning to invest in a series of projects to develop around 4 trillion cubic feet of discovered natural gas resources from the block," Ambani said in the company's annual report for 2012-13.
While RIL-BP have planned various activities including work-overs, side tracks and compressor addition to maximize recovery from the existing wells, new production would be added in four-five years using existing infrastructure, he said.
"The field development plan for the R-Series project (in the KG-D6 block) has been submitted to the Government of India for approval. This along with other projects is expected to add incremental production in the next four to five years," he said.
RIL has discovered 18 gas fields in KG-D6 block. Of these, only two (Dhirubhai-1 and 3) have been put to production. Satellite fields are now being planned to be developed. AGENCIES
Ind directors' fee up to 5cr from 21L
New Delhi: In a bonanza for its independent directors, RIL has proposed to raise the commission payable to non-executive directors on its board from Rs 21 lakh to Rs 5 crore annually. AGENCIES
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