Reliance Industries and its partner BP Plc of the UK have pushed back the start of production from the second wave of discoveries in their eastern offshore KG-D6 block to June-end because of the restrictions on movement of people and material the nationwide lockdown has imposed.
At the current Brent oil price of around $26 per barrel, the gas from R-Series field in KG-D6 block will cost about $2.2 per million British thermal unit — lower than even the government mandated rate of $2.39 for gas from state-owned ONGC fields.
In an investor presentation post its fourth-quarter earnings, Reliance said it is working on three projects in the KG-D6 block, where production from older fields stopped in February this year.
