RIL & BP begin extracting gas from first ultra-deepwater gas project

Reliance Industries Limited (RIL) and British Petroleum (BP) announced on Friday that they would be commissioning the production from the R Cluster i.e. the ultra-deep-water gas field in block KG D6 off the east coast of India.

The duo is developing 3 deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster, and MJ – which together are expected to meet around 15 per cent of India’s gas demand by 2023. RIL has a 66.67 per cent participating interest, while BP holds the remaining 33.33 per cent.

Located at about 60 km from the existing KG D6 Control & Riser Platform (CRP), the field comprises of a subsea production system tied back to CRP with a subsea pipeline. The field is the deepest offshore gas field in Asia, located at a depth of more than 2,000 metres. It is expected to reach gas production of around 12.9 million standard cubic metres per day in 2021.

Speaking on the development, Mukesh Ambani, Chairman & Managing Director of Reliance Industries Limited stated that through its deep-water infrastructure in the Krishna-Godavari Basin, the company would produce gas and meet the growing clean energy requirements in India.

On Friday, the stock of Reliance Industries Ltd closed at Rs 1,992.25 per share, up by 0.36 per cent or Rs 7.20  per share, against a 0.15 per cent gain in the benchmark index. Its 52-week high is Rs 2,368.80 while the 52-week low is Rs 867.82 on BSE.