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More oil discovered by Reliance in Cambay Basin

Mumbai, June 28 (IANS) India’s largest private sector company, Reliance Industries (RIL), said Monday it has made its seventh oil discovery at a site in Cambay basin, off the Gujarat coast.

RIL said it had informed the government and the directorate general of hydrocarbons about the discovery, named Dhirubhai-50.

‘The potential commercial interest of the discovery is being ascertained through additional data gathering and analysis,’ it said in a statement to the Bombay Stock Exchange (BSE).

The company said the discovery in block CB-ONN-2003/1, about 130 km from Ahemdabad, is significant as it is expected to open ‘more oil pool areas, leading to better hydrocarbon potential within the block.’

It added that the well flowed at a rate of 410 barrels of oil per day (bopd). RIL, as operator, has a 100 percent interest in the block.

The RIL scrip was ruling 1.74 percent higher at Rs.1,081.80 at the BSE.

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