New Delhi, November 2: Reliance Industries, which is owned by billionaire Mukesh Ambani now plans to start gas production from R-Series field in November-December this year. The firm would start its delayed production from the second wave of discoveries in its eastern offshore KG-D6 block, the company said in an investor presentation. The firm said that it is working on three projects in the Krishna Godavari basin KG-D6 block, where production from older fields stopped in February this year. R-Series will the first of the three fields to go live. Reliance Industries Profit Declines by 15% in 2nd Quarter.
Reports inform that the gas from R-Series field was previously expected in June but COVID-19 lockdown disrupted supply chain and the company could not complete the project in time. In an investor presentation post announcing second quarter earnings, the firm said that all wells (have been) drilled, completed, tested and connected; sub-sea installation and testing works completed. "Balance works on control and riser platform are currently underway and pre-commissioning and commissioning expected in 3Q FY21", it said. Reliance Industries Ltd Becomes India's First Company to Cross $200 Billion Market Cap; Check List of World's Top 5 Firms With Highest M-Cap Value.
According to an official of the firm which has contracted the gas from the field said Reliance had previously indicated November as the month for start of production. Reliance and its partner BP are developing three sets of discoveries in KG-D6 block- R-Cluster, Satellites, and MJ by 2022. Peak output of around 28 million standard cubic metres per day is expected by FY24 when all three projects are up and running.
Reliance has so far made 19 gas discoveries in the KG-D6 block. Of these, D-1 and D-3, which is the largest among the lot, were brought into production from April 2009 and MA, the only oilfield in the block was put to production in September 2008.
(The above story first appeared on LatestLY on Nov 02, 2020 05:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).