Reliance Industries delays gas drill
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.
