Thursday, February 14, 2008

Reliance Industries advances on natural gas discovery

As per the company`s announcement during market hours today, 13 February 2008, the block KG-DWN-2003/1 is located in the southern Indian state of Andhra Pradesh and covers an area of 3,288 square kilometres. The block was awarded to Reliance Industries (RIL) in the fifth round of auction under the New Exploration Licensing Policy (NELP). Reliance Industries holds 90% participating interest while Hardy Exploration and Production India Inc, a subsidiary of Hardy Oil and Gas, holds the balance.

RIL informed that the discovery has been notified to the government and the Directorate General of Hydrocarbons and the potential commercial interest of the discovery is being ascertained.

Reliance Industries net profit rose 162.2% to Rs 8,079 crore on 22.7% rise in sales to Rs 34,590 crore in Q3 December 2007 over Q3 December 2006.

Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas.

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