Mukesh Ambani-led Reliance Industries Ltd (RIL) and its global partner BP Plc have received regulatory approvals to invest $3.2 billion (Rs 21,280 crore) in the R-Series gas field in the flagging KG-D6 block.
RIL-BP plan to quickly bring the satellite fields in the KG-D6 block to production to help reverse the decline in output.
The block oversight committee headed by upstream regulator, the Directorate General of Hydrocarbons (DGH), approved plans of RIL and its partners BP plc of UK and Niko Resources to produce 13-15 million standard cubic metres per day of gas for 13 years from D-34 discovery in the KG-DWN-98/3 or KG-D6 block, sources said on Thursday.
The planned output from D-34, which is estimated to hold an in-place reserve of 2.2 trillion cubic feet, is equivalent to the combined current production from Dhirubhai-1 and 3 (D1&D3) gas field and MA field in the KG-D6 block.
RIL, the operator of KG-D6 block with 60% interest, had on January 30 submitted the field development plan for the D-34 field to the DGH.