Search the Internet          Tips  Sites: Finance, Investment

Reliance discovery leads to upward revision in oil reserves: DGH

Reliance Industries' discovery of world-class gas reserves in Krishna Godavari basin has led to upward revision in India's oil and gas reserves to 12 billion tonne of oil and oil equivalent gas, Directorate General of Hydrocarbon, the government's upstream nodal agency, said on Tuesday.

"Our earlier estimates had put reserves on the west coast at 5 billion tonne. With the discovery of 0.25 billion tonne of oil equivalent gas (by Reliance), the potential for east coast has been raised from 4 billion tonne to 7 billion tonne," said Avinash Chandra, director general, DGH.

Contrary to popular perception, Chandra said India has large undiscovered oil and gas reserves. "The discovery of 7 trillion cubic feet of gas reserves by Reliance is just a tip of the iceberg on the east coast. We haven't gone into deep waters of west coast - home to gigantic Mumbai high field."

Reserve potential of west coast would also be revised once detailed seismic surveys of deep waters are completed, he said.

Surveys have discovered exciting deepwater structures in the southern tip of India, the east coast and in the old Assam-Arakan basin.

"KG, Mahanadi and north Tamil Nadu offshore hold great promise. Reserves off the east coast will match or even surpass the discoveries off the west coast," he said.

All the blocks in the region apparently show sufficient maturation for oil and gas in the depression and early mature over highs and as many as fifty 'plays' (hydrocarbon indicators) have been identified from the DGH surveys.

ALSO READ:
Bill Gates in India
More Money Headlines

Tell us what you think of this report