India’s energy giant Reliance Industries said Tuesday it had struck oil in the Cambay basin in western India but it did not reveal the estimated size of the field. Reliance has 100 percent interest in an on-land exploration block that covers an area of 635 square kilometres (245 square miles) in the Cambay basin in Gujarat state.

The discovery has been named “Dhirubhai 43″ after the founder of the
Reliance empire Dhirubhai Ambani and because it is the 43rd oil
discovery by the firm across India. Five wells were drilled in the
block and oil was found in the fifth, Reliance said in a statement.
“Reservoir thickness of 15 metres was found. The well flowed at the
rate of 500 barrels of oil per day,” the statement added. “This
discovery is expected to open future potential within the block,” the
company said. Commerciality of this discovery is being ascertained
through more data gathering and analysis, it said. In April, Reliance
said gas production commenced from its KG D6 field off eastern India,
which is among the five largest deepwater gas projects in the world.
Reliance also operates 14 oil blocks globally in South America, the
Middle East and Australasia. The firm operates the world’s first
fully-integrated petrochemicals refinery in Jamnagar in Gujarat.
Reliance shares rose as much as 3.72 percent to a day’s high of 2,100
rupees on Tuesday, before slipping on profit taking to 2067.4 rupees,
up 42.85 rupees or 2.12 percent.

Source: AFP

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