RIL share price rises 2% as new production from KG D6 project to start by mid-2020

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Reliance Industries (RIL) share price rose 2.5 percent intraday on February 4 as new production from KG D6 project will start by mid-2020.

On February 3, RIL-BP joint venture confirmed that it has completed the safe cessation of production in a planned manner, from the D1 D3 field in Block KG D6 (KG-DWN-98/3), off the east coast of India, as per press release.

The D1 D3 field was India’s first deepwater gas field to be put on production in April 2009.

The KG D6 Block has so far produced an overall 3 TCFe resulting in energy import savings of over USD 30 billion.

The JV has committed an additional USD 5 billion (Rs 35,000 crore) of investments towards monetizing about 3 TCFe reserves from three projects – R cluster, Satellite cluster and MJ fields.

The first-gas from these fields is expected in mid-2020. The peak production from these three fields is expected to reach 1 BCFe per day which is about 15% of the then envisaged India’s demand, company added.

At 09:37 hrs, Reliance Industries was quoting at Rs 1,415.00, up Rs 29.15, or 2.10 percent on the BSE.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

News Source:- Moneycontrol

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