Reliance Industries, controlled by billionaire Mukesh Ambani, has discovered more oil on India’s western coast, raising the potential of exploratory blocks it has been drilling, the company said on Monday.
India’s biggest conglomerate whose businesses span petrochemicals, refining, oil and gas exploration and retail, said the current flow was at 410 barrels of oil per day (bopd) at the Cambay basin block in Gujarat.
This is the seventh oil discovery by the company in the region. The potential commercial interest of the discovery is being determined through more data and analysis, Reliance said.
The company also said it is continuing exploratory drilling efforts in the block, and it had informed the government about the latest discovery.
Reliance holds a 100 per cent participating interest in the block, and has so far drilled 17 exploratory wells in the block that covers an area of 635 square kilometres.
Last year, the company started pumping gas from its block in the vast Krishna Godavari (KG) basin off India’s east coast, where it made the country’s largest gas find. It has been producing about 60 million standard cubic metres a day (mmscmd) of gas from the block. At peak output of 80 million mmscmd, it could nearly double India's gas output.