RIL to invest $14-billion in oil sector; set up east-west pipeline

Mumbai: Reliance Industries Limited (RIL) will invest a massive $12-14 billion in various projects, involving exploration and production and laying of a 1,400-km east-west pipeline, over the next two to three years.

"We will invest around $12-14 billion in the next two to three years. This will go in areas like E&P, laying of pipeline and other works," RIL president (development & production) Subhash C Varma said, adding that laying of the 1,400 km east-west pipeline alone would cost RIL around $3 billion.

The company would invest Rs23,000 crore in various oil and gas development projects over the next one to two years, he said, adding that RIL is also planning to create a national gas grid.

RIL plans to carry out extensive seismic activities in all major basins, he said. The company plans to drill over 100 wells in the next three to four years, he said.

"The investment also includes some of our activities overseas," Varma said.