Reliance discovers oil in Cambay Basin

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Reliance discovers oil in Cambay Basin - Dhirubhai 43

Reliance Industries led by Mukesh Ambani hit a jackpot on Tuesday, when they made the first oil discovery at an exploratory block in the Cambay Basin in Gujarat

CJ: Vidhya N

Tue, Nov 10, 2009 13:07:10 IST

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Reliance Industries :

RELIANCE INDUSTRIES led by Mukesh Ambani hit a jackpot on Tuesday, when they made the first oil discovery at an exploratory block in the Cambay Basin in Gujarat. The company said in a filing to the Bombay Stock Exchange that it was the first time that the company has found oil in the exploratory block CB-ONN-2003/1.

Currently Reliance holds full 100 percent participating interest in the block in the Cambay basin. It was awarded under the 5th round of the New Exploration Licensing Policy (NELP) The exploratory block covers around 635 square kilometres.

The filing said that the new discovery will be named Dhirubhai 43 and has been notified to the Government of India and Directorate General of Hydrocarbons. Also the commerciality of this discovery is being ascertained through more data gathering and anlalysis.

The Reliance oil discovery of the oilfield is some 130 kms from Ahmedabad and is the second major find after the offshore MA field in the Krishna Godavari basin

Reliance Industries oil discovery had industries jump3.25 % to Rs.2090.30 at 10.31 IST

In October, after incurring an expenditure of Rs. 14,000 crore and being unsuccessful in the exploration, Reliance Industries had surrendered 14 blocks back to the Government.

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