| An analyst working with a domestic brokerage said the $ 1.5 billion investment (nearly Rs 6,500 crore) was aimed at accelerating the pace of exploration in deepwater as well as increasing the reserve accretion. The investment plan was disclosed in an analysts meeting in the city last week. |
| Sources close to the development said the investment was a part of the Rs 49,000 crore investment announced by Reliance Industries chairman and managing director Mukesh Ambani at the company's 31st annual general meeting last week. |
| The water rigs were planned for deployment in the north east coast from June 2006, the analyst said, adding that exploration and production of oil and gas would be a significant revenue earner for the company from 2009-10. |
| Mukesh Ambani had revealed the Rs 50,000 crore investment plan which includes doubling of the petroleum refining capacity at its Jamnagar plant for an investment of Rs 25,000 crore. |
| He said the capacity expansion, which would be completed by the second half of the financial year ending March 2009, would help the Jamnagar unit emerge as the world's single-largest refinery. |
| Reliance has one of the most aggressive exploration in deep waters in the world with two-thirds of its acreage in deep waters. The investment in deep waters would result into substantial new hydrocarbon discoveries and proven new reserves. |
| Exploration and production of oil and gas has the potential to earn sizeable business for Reliance. The company recently came up with three more gas discoveries in North East Coast 25, six more discoveries in Krishna Godavari D6 and one more in Yemen. |
| These gas discoveries are in addition to its interest in one exploration block each in Yemen and Oman. Reliance also has 5 coal bed methane blocks covering an area of about 4,000 square kilometers. |
| It has also acquired the operating rights of four exploration blocks from Tullow Oil plc, a British firm. |
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