RIL and BP sanction Phase-2 of deep sea gas project

Reliance Industries Limited (RIL) and BP on Thursday announced sanctioning of the ‘Satellite cluster’ project in Block KG D6.

The two companies will move forward to develop the block’s discovered deep-water gas fields to bring new gas production in India. The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated development. The first of the projects was sanctioned in June 2017.

Together, the three projects will develop a total of around 3 trillion cubic feet of discovered gas resources with a total investment of Rs. 40,000 crore. They are expected to bring on-stream a total of 30 to 35 million cubic metres of gas per day into new domestic gas production, phased over 2020-2022.

RIL, with 60 per cent stake, operates KG D6 development. BP has a 30 per cent share whereas the remaining 10 per cent is owned by NIKO.

On Tuesday, RIL closed at Rs. 940.10 per share, up Rs. 3.10 or 0.33 per cent on BSE. The scrip opened at Rs. 938.20 and touched an intraday high of Rs. 943.95 per share on BSE. The stock has a 52-week high of Rs. 990 and 52-week low of Rs. 647.50 per share on BSE. The scrip attracted a traded volume of 3,66,035 shares on BSE.