Reliance strikes oil off east coast

Mumbai: Reliance Industries Ltd, has discovered oil in a new block in the Krishna Godavari (KG) basin, company sources said.

Reports quoting unidentified sources said Reliance had found oil in its D4 block, also known as KG-DWN-98/1, in the KG basin off the east coast.

"Only oil flow is there in this block and we are going to inform the regulator later today," one official, adding, "It is a promising find. The flow is good."