Reliance Industries Limited (RIL) and British Petroleum (BP) declared today the start of output from the Satellite Cluster gas field in block KG D6 off India's east coast. RIL owns a 66.67 percent participating interest in the block, while BP owns a 33.33 percent participating interest.
Shares of the company were seen trading at Rs 1,928 up 1.29% on NSE at 9.45 am IST. It touched an intra-day high of Rs 1,930 during the trade.
RIL and BP are working on three deep-water gas developments in Block KG D6: R Cluster, Satellite Cluster, and MJ, which are projected to generate 30 mmscmd (1 billion cubic feet per day) of natural gas by 2023, meeting up to 15% of India's gas demand.
Following the launch of R Cluster in December 2020, the Satellite Cluster is the second of the three technologies to go live. It was supposed to start production in the middle of 2021. In water depths of up to 1850 metres, the field is about 60 kilometres from the current onshore terminal at Kakinada on India's east coast.
The field is expected to produce up to 6 mmscmd of gas from four reservoirs and five wells. The R Cluster and Satellite Cluster are estimated to account for roughly 20% of India's current gas output when combined.
Hydrocarbon exploration and development, petroleum refining and marketing, petrochemicals, retail, and digital services are all part of RIL's business. RIL is the top-ranked Indian company on Fortune's Global 500 list of the world's largest corporations, officially ranked 96th.
The third KG D6 growth, MJ, is scheduled to launch in the second half of 2022.