RIL plans to invest $6.5 bn to accelerate production in KG-D6 block

RIL plans to invest $6.5 bn to accelerate production
Oil and gas major Reliance Industries has proposed to invest USD 6.5 billion in its KG-D6 gas fields to bring production back on track, which remained on downside for many years. The Mukesh Ambani-led firm eyes to attain gas production target of up to 60 mmscmd by 2019-20.

Speaking with media, RIL President & Chief Operating Officer (E&P) B Ganguly said, "We can attain a production level of 40 to 60 million standard cubic meters per day (mmscmd) by 2019-20 provided we get timely approvals and the right natural gas price."

As part of investment strategy, the company plans to invest USD 3.155 billion in producing 20 mmscmd of gas from R-Series discoveries in the block and another USD 1.529 billion in four satellite fields to produce 10 mmscmd.

Besides, the company will invest USD 1.2 billion in other discoveries in the block, Ganguly told media.

Even, Oil Minister Veerappa Moily had lauded that Reliance's gas output from the KG D6 fields is expected to rise substantially from 2016/17.

Read more about: reliance industries
Story first published: Monday, July 22, 2013, 9:22 [IST]
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