 "RIL CMD Mukesh Ambani (right) with BP Group Chief Executive Bob Dudley at a press conference in New Delhi on Thursday. Ambani said demand for fuel was expected to grow by 5-7% every year over the next decade. Photo: Sanjay K Sharma")
The up to 20 per cent rally on Friday in stocks of oil exploration, equipment and services companies is expected to be short-lived. The fundamentals continue to remain weak for the segment in the near term, experts said.
On Thursday, Reliance Industries (RIL) announced it would invest Rs 40,000 crore ($6 billion) in three projects, over three to five years, for developing discoveries in its D6 block in the Krishna-Godavari basin, along with its 30 per cent partner, BP. The two will explore options to develop differentiated fuels, mobility and advanced low-carbon energy businesses in India, said RIL.
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