Shares of Reliance Industries fell sharply by 3%, after Niko Resources cuts gas reserves by 51% on lower D6 reserves.
The Canadian oil and gas producer which owns 10% stake in KG D6 block, said total proved plus probable natural gas reserves have fallen almost 51% to 377 billion cubic feet equivalent (bcfe) as it struggles with low reserves at its KG D6 block in India.
Reliance Industries has over the years been saddled with falling gas reserves from the KG basis and also difficult reservoir conditions.
Reliance Industries hopes to produce an additional 30 million cubic metres per day of gas at its KG D6 field off India's east coast, Chairman Mukesh Ambani recently told shareholders at its annual general body meeting. "The additional production will be realised through further exploration and development at the field," the company's Chairman had said.
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