Reliance Industries (RIL) has moved higher by over 5% to Rs 852 on reports that RIL and its partner BP Plc won approval to invest USD 3.18 billion in R-Series gas field in the flagging KG-D6 block.
The block oversight committee, called Management Committee (MC), headed by upstream regulator DGH, approved plans of RIL and its partners BP plc of UK and Niko Resources to produce 13-15 million standard cubic meters per day of gas for 13 years from D-34 discovery in the KG-DWN-98/3 or KG-D6 block, the PTI report suggests.
RIL-BP plan to quickly bring satellite fields in the KG-D6 block to production to help reverse the decline in output, added report.
The stock opened at Rs 816 and hit a low of Rs 813 on NSE. A combined 6.4 million shares have change hands on the counter so far on NSE and BSE.
The block oversight committee, called Management Committee (MC), headed by upstream regulator DGH, approved plans of RIL and its partners BP plc of UK and Niko Resources to produce 13-15 million standard cubic meters per day of gas for 13 years from D-34 discovery in the KG-DWN-98/3 or KG-D6 block, the PTI report suggests.
RIL-BP plan to quickly bring satellite fields in the KG-D6 block to production to help reverse the decline in output, added report.
The stock opened at Rs 816 and hit a low of Rs 813 on NSE. A combined 6.4 million shares have change hands on the counter so far on NSE and BSE.