Reliance, BP discover East Coast India gas
BY SAURABH CHATURVEDI
NEW DELHI -- Reliance Industries and BP have discovered gas condensate off India's east coast, they said. There is no estimate of reserves or if they are commercially viable. It is the second discovery in the Cauvery Basin deepwater block 39 miles offshore.
Seeking deep sea exploration technology Reliance sold a 30% stake in 21 oil and gas blocks to BP for $7.2 billion in 2011. The joint venture will spend more than $5 billion over the next three to five years.
Natural gas output fell 16.1% on year to 3.01 Bcm in July, missing an India government estimate of 3.27 Bcm. The country imports about a quarter of its natural gas consumption.
Complex reservoirs and water leaks have reduced output from Reliance's KG-D6 block on the east coast, India's biggest gas find.
Dow Jones Newswires