Reliance Ind makes 7th oil discovery in Cambay Basin

Reliance Industries Ltd (RIL) has found more oil in an exploration block in Gujarat and described the discovery as significant.

RIL today announced its seventh discovery in the 635 square-kilometre block, CB-ONN-2003/1 (CB 10 A&B), in the Cambay Basin, about 130 kilometres from Ahmedabad. The block was awarded to RIL under Nelp-V (Fifth round of bidding under the New Exploration Licensing Policy). Earlier this month, the country’s largest private sector company had announced the sixth oil discovery in the basin.

“The discovery is significant, as it is expected to open more oil pool areas, leading to better hydrocarbon potential within the block. RIL, as operator, holds 100 per cent participating interest in the block and is continuing further exploratory drilling efforts,” RIL said in a statement.

“This discovery, named Dhirubhai–50, the seventh oil discovery in the block so far, has been notified to the government and to the Director General, Directorate General of Hydrocarbons. The potential commercial interest of the discovery is being ascertained through more data gathering and analysis.”

The block has two parts, Part A and Part B. Of the 17 exploratory wells drilled so far, 13 are located in Part A and the rest in Part B.

RIL scrip was up 2.33 per cent at Rs 1,088 on the Bombay Stock Exchange.