New Delhi: Reliance Industries Ltd's natural gas output in the Apr-Jun quarter from India's largest offshore energy field D6 at Krishna-Godavari (KG) Basin fell 33.1% on-year to 104.4 billion cubic feet (BCF), which the company said was a natural decline due to "complexities" in the reservoir.
Crude oil output too from the KG-D6 field declined 36.7% on-year to 0.9 million barrels in the three months to June 30, it said in a statement Friday.
Reliance Industries has been battling to revive a falling gas production at the field, which it said averaged at 33 million metric standard cubic meter per day (mmscmd) during the quarter, from the 60 mmscmd gas it produced in 2010 and far below the proposed peak gas output of 80 mmscmd.
Similarly, the company's production from Tapti oil and gas field was at 13.8 BCF of natural gas and 0.2 million barrels of condensate during the quarter, a fall of 32% and 39%, respectively, as against the corresponding period a year ago.
Natural gas output from Panna-Mukta was at 17.9 BCF during the quarter, while crude oil was at 0.2 million barrels.
The conglomerate has been saying that the production from D6 has declined due to high water and sand ingression, and said it was working with partner BP Plc to raise production.
Reliance Industries' average daily production from overseas in joint ventures with Chevron Corp and Pioneer Natural Resources Co and Carrizo Oil & Gas Inc' during the quarter was at 529.3 million standard cubic feet per day (mmscfd) of gas, including 35,086 barrels of gas condensate.
The KG-D6 block, in which Reliance Industries and BP hold 60% and 30% stake, respectively, was likely to account for India's one-third of gas supply, but the sharp fall in output is forcing the country to increasingly depend on imports of costly liquefied natural gas (LNG).
Reliance Industries shares Friday ended at Rs 722.65 on the Bombay Stock Exchange (BSE), down 0.70% from the previous close.
Copyright Contify.com
