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Reliance Industries Ltd, in its
annual report for 2011-12,
stated that it has reduced estimates
for proven gas reserves
from its Indian blocks by 6.7 per
cent to 3.67 trillion cubic feet. The
company further confirmed of its
declining fortunes of oil and gas
discovery in the Krishna Godavari
Basin. Accordingly, RIL has cut
estimates from KG-D6 block as
the decline in production was
higher than anticipated. "The
proved reserves have also
reduced due to sale of participating
interest to BP-the joint venture
partner for developing oil & gas,"
the report added. Though the JV
partner BP could reverse the
decline, timely regulatory
approvals were required.
The company stated that the
joint venture's collective technical
capabilities, access to relevant
resources and timely regulatory/
government approvals can go a
long way in arresting production
decline and help in ramping up
production in future.
Meanwhile, RIL said that the
production of gas in the US
through three shale gas joint ventures
has risen up to seven fold till
December 2011. Shale gas joint
ventures focused on drilling a
total of 231 wells.
"We are contributing technical
expertise and capital in development
of shale gas business which
is likely to be a growing contributor
in the future," RIL's chairman &
managing director Mukesh
Ambani said in the annual report
of the company.
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