Reliance Industries and its Canadian partner Niko Resources have invested $5.98 billion in the oil and gas fields in the Krishna Godavari basin block D6, Petroleum Minister Murli Deora said on Monday.
RIL-Niko plan to invest $8.8 billion to develop the Dhirubhai-1 and 3 gas fields, first two of the 18 oil and gas discoveries made in the block KG-DWN-98/3 or KG-D6.
"Reliance and Niko have invested $5.98 billion up to March 2009 for the development of two major natural gas discoveries and one crude oil discovery," he said.
KG-D6, he said, was currently producing about 31 million standard cubic meters per day of gas, which accounts for 25 per cent of the total natural gas production of the country.
Crude oil production from the block is around 13,500 barrels per day (0.67 million tons per annum), which is about 1.9 per cent of the total crude oil production of the country.
"On achieving peak production of 80 mmscmd from this block, natural gas production of the country would double compared to the production during 2008-09," Deora said.
"Crude oil production from this block would reduce the import bill to the extent of oil production from the block and natural gas production would reduce the existing demand." he added.