Reliance Industries gained 2% at Rs 866 on news that the company and its two partners- BP and Niko Resources plan to invest over $5 billion over the next three to five years in the KG-D6 block to develop around 4 trillion cubic feet of discovered natural gas reserves.
In a joint statement issued after a meeting of Bob Dudley, BP Group Chief Executive and Mukesh Ambani with petroleum minister M Veerappa Moily in Delhi, the two companies said they have promised to speed up projects provided the necessary clearance from the government is in place. The investment includes the field optimization plan through compression and water handling will augment current production starting 2014. Natural gas production from the block is currently at a low of 30 mscmd.
The stock opened at Rs 856 and touched a high of Rs 868 in the morning deals. Over eight lakh shares changed hands on BSE and NSE.
