Shares of Mukesh Ambani-promoted oil-to-telecom conglomerate – Reliance Industries – rose as much as 1.5 per cent on the BSE after the company post market hours on Friday announced first gas production by its joint venture with bp in Krishna Godavari (KG-D6) basin off the east coast of India.
“Reliance Industries Limited (RIL) and bp announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India,” Reliance Industries said in a press release.
“Reliance Industries and bp are developing three deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster and MJ – which together are expected to meet 15 per cent of India’s gas demand by 2023,” Reliance Industries said.
“R Cluster is the first of the three projects to come onstream. The field is located about 60 kilometers from the existing KG D6 Control & Riser Platform (CRP) off the Kakinada coast and comprises a subsea production system tied back to CRP via a subsea pipeline,” Reliance industries added.