Reliance Industries has made a
significant oil discovery in the Krishna-Godavari basin (offshore Andhra
Pradesh), according to unconfirmed press reports.
The company has struck 1 billion
barrels of oil, which, at a recovery rate of 45 per cent, could yield 60 million
tonnes of oil. The discovery was made in well MA-1 at the D6 block in the KG
Basin.
This is the first oil discovery by
Reliance Industries after its historic 14 trillion cubic feet gas discovery in
the same region, in November 2002.
Reliance has yet to make a formal
announcement of the discovery.
ProjectsToday adds: The crude
oil discovery of 60 million tonnes stands for around 22 months of domestic crude
oil production at the current rate of 33 million tonnes per year.