Mukesh Ambani-controlled Reliance Industries Ltd (RIL) today said it had discovered oil in one of its exploration blocks, CB-ONN-2003/1, located onland in the Cambay basin. This is RIL’s fourth oil discovery in the region.
The block was awarded to RIL under the fifth round of the new exploration and licensing policy (Nelp). “The discovery is significant as this play fairway is expected to open more oil pool areas, leading to better hydrocarbon potential within the block,” RIL said in a statement.
The discovery named “Dhirubhai-47”, has been notified to the government and Director General of Hydrocarbons, and the potential commercial interest of the discovery is being ascertained through more data gathering and analysis, according to the company.
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The block is located 130 km far from Ahmedabad, Gujarat, and covers an area of 635 sq km.
RIL, as the operator, has 100 per cent participating interest in the block. While the current flow is at 300 barrels of oil per day (bopd), its three earlier discoveries had a flow rate of 500 bopd. RIL has so far drilled 14 exploratory wells in the block.
According to RIL, based on the acquired 3D seismic data, there are more prospects with more upside potential identified in the contract area.
RIL made its first on-land oil discovery in the Cambay basin in November 2009. RIL also discovered crude oil in the gas-rich KG D-6 block, off India’s east coast. The Mukesh Ambani Field (MA Field), which started production in September 2008, yielded about 507,700 tonnes of crude oil and 14,397 million standard cubic metres of natural gas in 2009-10.
Higher gas production from KG fields helped RIL to partly offset its lower refining margins and post a net profit of Rs 4,710 crore, up by 19 per cent, for the fourth quarter of 2009-10.
RIL also holds a stake in the Panna, Mukta and Tapti oil and gas fields, off India’s west coast. Other than RIL, Gujarat State Petroleum Corporation holds interests in 15 producing fields in the Cambay basin.
