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Reliance denies plans to spin-off KG basin biz

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Press Trust of India New Delhi
Reliance Industries today said it has no plans to spin-off its Krishna Godavari gas field into a separate company and rope in a strategic partner.

"There are no such ideas. I am not aware of any such developments. We are proceeding on development of the gas field and will deliver gas in June 2008," P M S Prasad, CEO (oil and gas),  Reliance, said today.

He said Reliance will start production from the KG-D6 block in June 2008, but is also targeting to produce 40,000-50,000 barrels of oil in the first half of 2008. "Our intention is to bring oil first," he said.

Prasad said: "It is late in the day to say that we don't have technology. It is not even a time to think of a strategic partner. Once a partner comes in, it will look at things in ab-initio (afresh) that will slow down the whole thing."

RIL's prolific gas find in KG-D6 block off the Andhra Pradesh coast has reserves of about 11.3 trillion cubic feet, and would produce 80 million standard cubic meters per day of natural gas at its peak output.

 
 

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First Published: Jan 22 2007 | 1:08 PM IST

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