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RIL lines up $3.18-bn spend on KG basin
Reliance Industries Ltd (RIL) plans to invest $3.18 billion in R-Series gas field in the flagging KG-D6 block as it looks to reverse the decline in output by quickly bringing in new fields on production.RIL along with its partners - BP plc of UK and Niko Resources - plans to produce 13-15 million standard cubic meters per day of gas for 13 years from D-34 discovery in the KG-D6 block, sources privy to the development said.
To infuse funds into R-Series gas field to bring new fields into production quickly
New Delhi: Reliance Industries Ltd (RIL) plans to invest $3.18 billion in R-Series gas field in the flagging KG-D6 block as it looks to reverse the decline in output by quickly bringing in new fields on production.RIL along with its partners - BP plc of UK and Niko Resources - plans to produce 13-15 million standard cubic meters per day of gas for 13 years from D-34 discovery in the KG-D6 block, sources privy to the development said.
The planned output from D-34, which is estimated to hold an in place reserve of 2.2 Trillion cubic feet, is equivalent to the combined current production from Dhirubhai-1 and 3 (D1&D3) gas field and MA field in the KG-D6 block. D-34 is part of what is known as R-Cluster of discoveries. R-Cluster comprises of four discoveries - D-29, 30, 31 and 34. Of these, only D-34 has so far been declared commercially viable while the Declaration of Commerciality (DoC) of others has been refused in absence of DGH prescribed tests confirming the discoveries.
Sources said a meeting of the block oversight panel, called the Management Committee (MC), headed by the Directorate General of Hydrocarbons (DGH), was scheduled to consider the $3.18 billion field development plan for D-34 on August 13 but the meeting got postponed as the oil ministry representative on the panel was travelling.
The MC meeting is now being sought to be convened next week. RIL, the operator of KG-D6 block with 60 per cent interest, had on January 30 submitted the Field Development Plan (FDP) for D-34 field to DGH. Sources said DGH after examination trimmed down the recoverable reserves to 1.191 Tcf from 1.413 Tcf estimated by the operator. Also, the peak production of 14.9 mmscmd estimated by RIL was brought down to 12.9 mmscmd by DGH.
The Dhirubhai-34 or D-34 gas discovery in the southern part of KG-D6 block in Krishna Godavari basin was notified in May 2007. The find was declared commercially viable by MC in November 2011 RIL has so far made 19 gas discoveries and 1 oil find in the KG-D6 block. Of these, D1&D3 gas fields were brought to production in April 2009 while MA oilfield began pumping oil in September 2008.
RIL estimates that output from KG-D6 can reach up to 60 mmscmd by 2019 when all of the satellite fields are put into production.
