Business News
India's Reliance strikes oil off western coast
Nov 10, 2009, 8:12 GMT
New Delhi - Indian energy major Reliance Industries Limited Tuesday announced its first oil discovery in an exploration block off the coast of Gujarat state.
The commercial viability of the discovery was being ascertained, the company said in a statement.
It said oil had been found in the fifth of five wells drilled in the block, located in the Cambay basin about 130 kilometres west of Gujarat's principal city Ahmedabad.
Reliance Industries Limited, owned by Mukesh Ambani, holds a 100-per-cent participating interest in the block, the statement said.
This is Reliance's second oil discovery in a year. It found crude oil reserves in the predominantly gas-rich Krishna-Godavari basin off India's eastern coast in September 2008.
Reliance said the latest discovery was expected to open up new potential within the block, but gave no details of expected yield.
Energy-hungry India imports about 70 per cent of its oil requirements.
The government has been auctioning potential blocks largely off the eastern and western coasts and in north-eastern India to private entities for exploration.
Oil and gas supply about 40 per cent of India's energy needs after coal which makes up about 53 per cent.
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