India's Reliance finds more gas off east coast

NEW DELHI Tue Nov 6, 2007 8:38pm IST

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NEW DELHI Nov 6 (Reuters) - India's top private firm Reliance Industries Ltd (RELI.BO) on Tuesday said it has found more gas in one of its offshore blocks in the Krishna Godavari basin, off the east coast.

"The well (KGIII5-P1) is the second gas discovery in the Miocene clastics reservoir in the Krishna basin," it said in a statement.

The shallow water block was awarded to Reliance in third licensing round. Reliance holds 100 percent interest in the block.

The well was drilled at water depth of 151 metres and was drilled to the target depth of 3500 meters, it said.

The firm has informed the upstream regulator about the gas discovery. Reliance is evaluating the commerciality of this discovery, it added.

In July, Reliance found oil and gas in a block in the nearby Cauvery basin and said it had a flow rate of 1,000 bpd of oil and 30 million cubic feet of gas.

Reliance, which discovered India's largest gas field in the KG basin in 2002, is spending about $5.2 billion to develop and $3.5 billion to maintain production from its deep-sea gas fields.

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