india\s reliance admits gas output boost woes
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

India's Reliance admits gas output boost woes

Arab Today, arab today

Arab Today, arab today India's Reliance admits gas output boost woes

MUMBAI - AFP

India's Reliance Industries said yesterday that boosting gas output was proving "more complex than envisaged" as it comes under pressure to raise offshore production. The country's largest private sector firm said it was pressing ahead with attempts to extract gas from the D6 deepwater block, its largest oil field, located off the Bay of Bengal in eastern India. Increased output is seen as vital for both the company and to fuel India's red-hot economic growth. But it warned: "Based on over two years of production data, the reservoirs appear to be more complex than earlier envisaged. "Continuous and significant efforts are underway for understanding these reservoirs," Reliance said in a presentation to analysts, who have expressed concern about the company's falling gas output. Efforts are underway to identify (oil) well locations for incremental production and sustenance," the company added in the document posted on its website. The explanation comes amid growing concerns about Reliance's ability to boost gas production from the field, which has seen the company's stock price underperform. Reliance, which is seen as a bellwether for Indian stocks, has seen output from the block fall in the past year, prompting talks with India's upstream regulator about how to lift production. Gas output from the block touched a peak of 60 million metric standard cubic metres a day last year but has since fallen to 50 million, according to Indian energy regulatory officials. Earlier this year, Reliance chairman Mukesh Ambani signed a multi-billion-dollar tie-up with British energy giant BP aimed at helping the Indian firm develop hard-to-exploit reserves. BP has agreed to pay $7.2 billion for a 30-percent stake in Reliance's 23 largely unexplored deepwater oil and gas fields, including D6. Fast-growing, energy-hungry India imports around three-quarters of its oil needs but is looking to improve domestic production rates as the economy surges along at around eight percent a year. Reliance on Thursday reported a record quarterly profit of 53.76 billion rupees ($1.2 billion) for the three months ended March, up 14.1 percent year-on-year, but the increase lagged market expectations. The disappointing earnings prompted shares in the company to drop more than three percent to 1,006.5 rupees by early afternoon yesterday.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india\s reliance admits gas output boost woes india\s reliance admits gas output boost woes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india\s reliance admits gas output boost woes india\s reliance admits gas output boost woes

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday