RIL discovers third gas reserve in KG basin

RIL discovers third gas reserve in KG basin

NEW DELHI: Reliance Industries on Tuesday said it has made a third successive gas discovery in the D3 deep-sea block in the Krishna

-Godavari

Reliance Industries' KG-D6 facility World's top oil exporting countries World's top 10 oil producers World's largest refining companies

basin, off the east coast. ( Watch )

Reliance found three gas reservoirs in the KGV-D3-R1 well drilled on the block KG-DWN-2003/1 (or D3), a company statement said here.

The block, located about 45 kilometres off the coast in the Bay of Bengal, is in the vicinity of its prolific D6 block where three of the 19 oil and gas finds have already been put on production.

"This discovery (in D3) supplements RIL's understanding, of the petroleum systems within the block," it said.

Reliance holds 90 per cent interest in the block that it won in the fifth round of auction under the New Exploration Licensing Policy. Hardy Exploration and Production India Inc, a unit of Hardy Oil of UK, has the remaining 10 per cent.

"Three reservoir zones were encountered at Miocene level having gross thickness of 4, 23 and 16 meters," the statement said adding the discovery has been named Dhirubhai-44.

The first two exploratory wells (KGV-D3-A1 and KGV-D3-B1) resulted in gas discoveries (Dhirubhai 39 and 41) and are presently under appraisal.

"Besides the above discoveries, several prospects have been mapped at different stratigraphic levels," the statement added.

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Src: Moneycontrol, ET

Heard on the street

Heard on the street

Market on a lean holiday diet in 2011

STOCK exchanges

have been spared some more unpopularity, thanks to several public holidays falling on weekends. There is a move afoot to cut down the number of trading holidays, as the wise men feel that the Indian market has one too many, compared to international markets. The reason to cut down on the number of holidays is based on the premise that investors here will not have a chance to react to major global events if the Indian market is closed.

This is, of course, assuming that no major global developments will unfold on January 26, August 15, or on the day of Bhau Bheej, or any of the other holidays that do not happen to be global ones.

“This year a large proportion of the holidays is falling on a Saturday/Sunday. We have only 11-12 holidays falling during the week. This year is taken care of. 2011 is when a shorter list — 8 to 10 days — will come into effect by which time the equity market will also have moved to a 9-5 pm cycle,” said a senior broker, who was present at the meeting NSE had with six top retail broking firms.

Garware Offshore sets sails for the north

SHARES of Garware Offshore have risen around 12% in the past one month. Buzz is that increasing demand for offshore support vessels is driving interest in the stock. Speculation is that some financial and strategic investors

are planning to pick up a stake in the company through secondary market transactions, though talks are said to be at a preliminary stage. In anticipation of this, “friendly circles” are said to be accumulating the stock

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Rel Equity, Daiwa lose top honchos to Macquarie

MACQUARIE Securities is looking to beef up its equities team in India. Amongst its new hires are Sudhanshu Bhuwalka who joins as associate director, equity sales, from Reliance Equities, where he was co-head of equity sales. Neil Nathwani has joined Macquarie’s equity sales team from Daiwa in London where he was the India specialist for Europe. Suresh Ganapathy is joining to head Macquarie’s financials research team for India. He joins from Deutsche Bank’s cash equities business in India.

Orient Green Power to raise Rs 600-cr via IPO

GREEN is the new black. With green or clean energy gaining momentum across the globe, market observers expect companies operating in the renewable energy space to take the IPO route. Orient Green Power, a subsidiary of Shriram EPC is one such candidate. It has appointed Goldman Sachs, UBS and JM Financial as bankers for its Rs 500-600 crore IPO.

Contributed by Deeptha Rajkumar, Reena Zachariah & Apurv Gupta


Src: ET
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