Reliance Industries Ltd updates on KGD6 well

MA (D26) field in Block KG-DWN-98/3 (KGD6), which is being operated by RIL as an Operator of the Joint Venture consisting of RIL (60%), BP (30%) and NIKO (10%), has ceased production on 17th September, 2018.

Post cessation, activities related to safe shutdown of field are underway. Production from the field had been under natural decline and facing continuous challenges due to high water production and sand ingress. The field has cumulatively produced about 0.53 TCF of Gas and 31.4 Million Barrel of Oil & Condensate and had no remaining reserves.

For Q1 FY19, MA field contributed less than 0.1% in terms of revenue at RIL consolidated level.

The Dhirubhai - 26 (D26), oil, gas and condensate deep water discovery was made in 2006. The discovery was developed and put on production in September 2008. This was India's first deep water development (water depth upto 1,250 meters), with 7 wells tied back through a subsea production system to a purpose built, state of the art dis-connectable turret moored Floating Production Storage and Offloading (FPSO) production facility.

The company has already informed the relevant governmental agencies.

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1210.3 as compared to the previous close of Rs. 1217.2. The total number of shares traded during the day was 861320 in over 13027 trades.

The stock hit an intraday high of Rs. 1227 and intraday low of 1201.2. The net turnover during the day was Rs. 1042753315.

Source : Equity Bulls

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