LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

RIL, BP to submit revised investment plan for KG-D6 gas finds

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Mon, Aug 14, 2017
02:00 pm
PTI
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Reliance Industries and its partner BP Plc of UK will by year end submit a revised investment plan for the four satellite gas discoveries in the flagging KG-D6 block by integrating their development with two other nearby finds.

Senior executives in the joint venture said four deepsea satellite gas discoveries -- D 2, 6, 19 and 22 are planned to be developed together with D29 and D30 finds in the Krishna Godavari basin of KG-D6 block.

The four satellites and the other two finds (D29 and D30), R-Series and MJ gas discoveries, are the ones on which RIL and BP had in mid-June this year announced investing Rs 40,000 crore to reserve the flagging production from KG-D6 block.

They said development of the six satellite finds are being taken up together while D-34 or R-Series and D-55 (MJ) would have separate development plans.

The government had in 2012 approved a USD 1.529 billion plan to produce 10.36 million standard cubic meters per day of gas from four satellite fields of block KG-DWN-98/3 (KG D6) by 2016-17.

The four fields have 617 billion cubic feet of reserves and can produce gas for eight years.

However, the companies did not begin the investment citing uncertainty over gas pricing.

Now that the government has allowed a higher gas price of USD 5.56 per million British thermal unit for yet-to-be- developed gas finds in difficult areas like the deepsea, RIL and BP have decided to take up their development.

This rate is comparable with USD 2.48 per mmBtu for currently producing fields.

The executives said these four finds are now been clubbed together with D29 and D30 discoveries, which had been held up over conformity tests.

They however did not give investment numbers saying a slump in global energy prices and services market will only see lesser amount of money being spent.

RIL-BP combine do not plan to alter the USD 3.18 billion investment plan for D-34 or R-Series gas field in the same block, which was approved in August 2013.

About 12.9 mmscmd of gas for 13 years can be produced from from D-34 discovery, which is estimated to hold recoverable reserves of 1.4 trillion cubic feet.

A separate development plan for the MJ find would be submitted by mid-2018, they said.

RIL has so far made 19 gas discoveries in the KG D6 block. Of these, D 1 and D 3 the largest among the lot were brought into production from April, 2009, but output has fallen sharply from 54 mmscmd in March, 2010, to 3-4 mmscmd.

MJ is the only other field that was put to production.

Together, the three fields today produce 6.4 mmscmd.

Other discoveries have either been surrendered or taken away by the government for not meeting timelines for beginning production.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

Stocks in Focus on April 12: TCS, Infosys, Pharma Stocks, Solara Active Pharma to Balrampur Chini; here are the 5 Newsmakers of the Day

PUBG Mobile 1.4 beta update global version: Check APK download link, vehicle, game mode for global users

Dr Lal Pathlabs outperformed its peers even as markets plummeted; Analyst Simi Bhaumik recommends a Buy for this target price

No onboard food facility for these flyers amid rising covid cases: Aviation Ministry

Stocks to Buy With Anil Singhvi: This company can generate good returns for investors - what Varinder Bansal said

Haridwar Kumbh Mela 2021: 2nd Shahi Snan today; Mela inspector says difficult to ensure social distancing at 'Har Ki Pauri'

SIP stocks with Anil Singhvi: Expert picks Welspun Corp shares for good returns; Market Guru explains why it is a 'good buy'

The Kapil Sharma Show fees per episode: REVEALED! Kapil Sharma, Krushna Abhishek, Bharti Singh, Archana Puran Singh and others - This is what they earn

CBSE Class 10, 12 exams 2021 cancel request: BIG Assurance comes from CBSE; This is what Board says now

PUBG Mobile India update: Check BIG reason why this game may launch in India soon - All details here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved