RIL says PFY, PSF & PET production volumes rise to 19% in Q1
27 Jul '05
11 min read
RIL is the largest exploration acreage holder among the Private sector companies in India with 29 domestic exploration blocks covering an area of about 290,000 square kilometers. This is in addition to its interest in one exploration block each in Yemen and Oman. Reliance also has 5 coal bed methane blocks covering an area of about 4000 square kilometers.
12 exploration blocks were awarded under the 1st round of the New Exploration Licensing Policy (NELP-I) of Government of India. In the 2nd round, NELP II, Reliance won another 4 exploration blocks. Reliance has further been awarded 9 blocks under the 3rd round of NELP and one block under the 4th round of NELP.
The Company and various partners, including ONGC Ltd. and Oil India Ltd., were awarded two exploration blocks prior to NELP. The Company has also acquired the operating rights of four exploration blocks from Tullow Oil plc, a UK Company.
Three blocks out of the above-awarded blocks have been relinquished as the expected deposits were found to be sub-economic.
During the quarter, Reliance has further bid for 12 exploration block under the just concluded fifth round of the New Exploration Licensing Policy of the Government of India.
In the Yemen onshore block where Reliance had oil discoveries, initiatives are on to develop the discoveries on a fast track basis to bring first oil at the earliest. Further exploration activity is also under progress and results are quite encouraging.
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