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HindustanTimes Mon,24 Nov 2014

RIL offers to give up 55% of KG-d6 block

PTI  New Delhi, March 16, 2013
First Published: 01:15 IST(16/3/2013) | Last Updated: 01:16 IST(16/3/2013)

Reliance Industries has offered to relinquish about 55% of the 7,645 sq km KG-D6 block in the Bay of Bengal, much less than the area that the oil ministry wants the company to contractually vacate.

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The company wrote to the ministry this week offering to give away 4,266 sq km of the Krishna Godavari basin block, sources privy to the development said.

The offer was made just as the ministry was readying an order asking the firm to vacate some 5,970 sq km of area.

Contractually, companies are required to relinquish 25% of the area in an oil and gas block at the end of first phase of exploration that spans three years.

At the end of the second phase, 50% of the area is to be given up and by the third phase only such area is allowed to be retained where the company has made a discovery and is required for development and production of the same.


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