Don’t miss the latest developments in business and finance.

RIL sheds 3% on lower KG-D6 reserves estimate

Proved plus probable reserves at the KG D6 block, as of March 31, have decreased to 193 bcfe

Image
SI Reporter Mumbai
Last Updated : Jan 24 2013 | 1:49 AM IST

Reliance Industries (RIL) has dipped 3.25% to Rs 713 after the Canadian oil and gas producer Niko Resources, which owns 10% stake in KG D6 block, said total proved plus probable natural gas reserves have fallen almost 51% to 377 billion cubic feet equivalent (bcfe) as it struggles with low reserves at its KG D6 block in India.

Proved plus probable reserves at the KG D6 block, as of March 31, have decreased to 193 bcfe. Niko is estimated to hold more than 9 trillion cubic feet (tcf) of gas, the Reuters report suggests.

The stock opened at Rs 734 and hit a low of Rs 712 on the National Stock Exchange. A combined 1.91 million shares have changed hands on the counter so far on both the exchanges.

 

Also Read

First Published: Jun 21 2012 | 10:50 AM IST

Next Story