Reliance Industries rose 0.32% to Rs 1,388.90 at 11:00 IST on BSE after the company announced that BP, world's leading integrated oil and gas companies and the company will progress and expand partnership.
The announcement was made after market hours yesterday, 15 June 2017.Meanwhile, the S&P BSE Sensex was up 1.74 points, or 0.01% to 31,077.47.
On the BSE, 4.07 lakh shares were traded in the counter so far, compared with average daily volumes of 66.56 lakh shares in the past one quarter. The stock had hit a high of Rs 1,395 and a low of Rs 1,370.10 so far during the day. The stock had hit a 52-week high of Rs 1,465 on 25 April 2017. The stock had hit a 52-week low of Rs 932 on 9 November 2016.
The stock had outperformed the market over the past one month till 15 June 2017, gaining 3.04% compared with 2.49% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.14% as against Sensex's 5.71% rise. The scrip had outperformed the market in past one year, rising 40.93% as against Sensex's 16.27% rise.
The large-cap company has equity capital of Rs 3251.57 crore. Face value per share is Rs 10.
Reliance Industries (RIL) and BP announced that they are moving forward to develop already-discovered deepwater gas fields, bringing new gas production for India. The two companies have agreed to deepen and expand their partnership to work jointly across a wide range of areas throughout India's energy sector.
RIL and BP announced that they will award contracts to progress development of the 'R-Series' deep water gas fields in Block KGD6 off the east coast of India. The R-series (D34) project is a dry gas development in water-depths of more than 2,000 metres, approximately 70 kilometres offshore. The R-series fields will be developed as a subsea tieback to the existing control and riser platform off Block KGD6. The project is expected to produce up to 12 million cubic metres (425 million cubic feet) of gas a day, coming on stream in 2020.
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This is the first of three planned projects in Block KGD6 that are expected to be developed in an integrated manner, producing from about 3 trillion cubic feet of discovered gas resources. RIL and BP plan to submit development plans for the next two projects for Government approval before the end of 2017. Development of the three projects, with total investment of Rs 40000 crore ($6 billion), is expected to bring a total 30-35 million cubic metres (1 billion cubic feet) of gas a day new domestic gas production onstream, phased over 2020-2022.
India today consumes over 5 billion cubic feet a day of natural gas and aspires to double gas consumption by 2022. Gas production from the integrated development is expected to help reduce India's import dependence and amount to over 10% of the country's projected gas demand in 2022; benefiting India and domestic consumers at large.
Additionally, RIL and BP will expand their existing partnership for strategic cooperation on new opportunities across India's energy sector. Under the agreement the two companies will jointly explore options to develop differentiated fuels, mobility and advanced low carbon energy businesses in India, as India transitions to a low-carbon world.
The companies expect to collaborate, in addition to the conventional transportation and aviation fuels retailing, on unconventional mobility solutions, addressing electrification, digitization and disruptive mobility trends. Together, these collaborations will seek to address the mobility needs of urban, rural/farm, industrial/commercial, and highway consumers in India, applying the leading capabilities of both partners.
In an historic partnership with RIL in 2011, BP took a 30% stake in multiple oil and gas blocks in India operated by RIL, including the producing Block KGD6. Block KGD6 participating interests are 60% RIL (operator), 30% BP and 10% by NIKO.
Gas produced over the life of these three new projects could generate up to $20 billion in import substitution (at current imported LNG prices) and employment of up to 20,000 skilled labour during the construction period over the next 5 years.
On a consolidated basis, net profit of RIL rose 11.5% to Rs 8053 crore on 42.1% rise in net sales to Rs 84823 crore in Q4 March 2017 over Q4 March 2016.
RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.
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