EXPLORATION

First for India as Reliance makes offshore find

The Indian-based Reliance Industries Ltd. has created a first for that country when it struck natural gas at one of its offshore exploration blocks. It is the first Indian private sector company to strike gas at any deepwater exploration block.

The well, KG DWN 98/3, located off Vishakapatnam on the country's eastern coast was drilled by Transocean Inc.'s drill ship, Discoverer 534.

The exploration block is among the 12 acquired by Reliance Industries under the second round of the country's new exploration licensing policy, or NELP-II, through competitive international bidding.

With a 90% stake, Reliance is the main operator of the block, with the remaining 10% held by Niko Resources of Canada.

The extent of recoverable gas reserves discovered at the site is still being determined. However, according to industry sources, the find could be one of the largest discoveries in the region so far.

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