RIL strikes oil in Gujarat

Mukesh Ambani-led Reliance Industries on Tuesday announced the discovery of an oilfield 130 km from Ahmedabad in Gujarat, its second major find after the offshore MA field in the Krishna Godavari basin.
Reliance discovered oil in the fifth well it drilled on the 635-square kilometer CB-ONN-2003/1 block in the Cambay basin, a company statement said.
The block was awarded to Reliance in the fifth round of bidding under the New Exploration Licensing Policy (NELP).
The company holds 100 per cent participating interest in the block.
Reliance had previously found crude oil reserves in the predominately gas-rich KG D-6 block off the east coast. The MA field, which came into production in September last year, is currently producing around 11,000 barrels per day. The fifth well on the Cambay onland block, CB10A-A1 was drilled to a depth of 1,451 metres.
It encountered about 15 metres of reservoir and the well flowed 500 barrels of oil per day during conventional testing.
“This discovery is expected to open the future potential within the block,” Reliance said, adding that the discovery has been named ‘Dhirubhai-43’.
“Commerciality of this discovery is being ascertained through more data gathering and analysis,” the statement said.
“3D Seismic data has been acquired over 80 per cent of the block area and 2D Seismic data has been acquired over the entire area.”
Meanwhile, Reliance Industries on Tuesday defied the broader market trend to clock 1.39 per cent gain on the Bombay Stock Exchange after the company said it has discovered an oilfield in Gujarat.
Shares of Reliance Industries Ltd closed at Rs 2,052.60, up 1.39 per cent on BSE from its previous close.
On the National Stock Exchange also, the Reliance Industries scrip ended higher 1.62 per cent at Rs 2,057.10.

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