Mukesh Ambani lays out aggressive vision for RIL
Mukesh Ambani,
chairman of Reliance Industries Ltd,
Ambani said the company has lined up aggressive plans for
oil and gas exploration work over the next three years, as it seeks to further
strengthen its position in the energy business. It would include overseas
acquisition. Reliance was working on
developing nine gas fields around the Dhirubhai-1 and -3 gas discoveries,
currently producing around 45 million standard cubic meters per day (mscmd) or
40 per cent of
Reliance began pumping gas from its find in the Krishna-Godavari basin off
The Krishna-Godavari basin’s D6 block began oil production in September last year and is currently producing between 10,500 and 11,000 barrels of oil per day from three wells. Three more wells are to be added to more than double the output. “Oil production from the D26 (MA) field has been 2.8 million barrels (since production started) with daily peak production expected by the end of the year,” Ambani told the shareholders.
On November 10, RIL announced it
had made its first oil discovery in the
Cambay basin,
Reliance has a current cash balance of Rs 19,400 crore and its net debt is now at less than 21 months of cash flow, Ambani said.
As part of its corporate social responsibility intiative, he announced that
the company would be setting up a Rs 500-crore Reliance Foundation to address the social development imperatives
of the country. The corpus would be later increased to Rs 1,000 crore and would
provide formal and vocational education, high-quality healthcare, rural
development and urban renewal, and protection and promotion of
Source: http://www.business-standard.com
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