Reliance denies surrendering KG D9 gas block to government
23 Oct 2009
Reliance Industries has refuted press reports stating the company has surrendered the deepwater block KG-DWN-2001/1 (KG D9) in the Krishna-Godavari offshore after the first exploratory well KGD9-A1 failed to strike gas.
In a statement issued today, Reliance Industries said "the well encountered sands in both the upper and lower Miocence target levels with some background gas," adding, "The data obtained from this first exploration parametric well is significant and will be integrated with the existing geological model to improve the understanding of the geology and petroleum system within the block before drilling subsequent wells."
There is a commitment to drill threemore wells in this block, RIL said, adding it remained committed to pursuing the exploration campaign within this block and will incorporate data and information from this well to upgrade the prospect inventory for drilling of three more wells.
"Any rumour of RIL surrendering this block is completely baseless and unsubstantiated," the release said.
Reliance Industries Limited is the operator and holds a 90 per cent participating interest in the block. Hardy, through its wholly owned subsidiary Hardy Exploration & Production (India) Inc, holds a 10 per cent participating interest.
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of Rs1,46,328 crore ($28.85 billion), cash profit of Rs22,365 crore ($5.08 billion), net profit (excluding exceptional income) of Rs15,637 crore ($3.02 billion) and net worth of Rs126,373 crore ($24.92 billion) as of 31 March 2009.
