RIL share price gains on first gas production

RIL share price gains on first gas production

Reliance Industries (RIL) share price gained in the early trade on December 21 after the company announced the start of production from the ultra-deep-water gas field in Block KG D6.

RIL and BP on December 18 announced the start of production from the R Cluster, an ultra-deep-water gas field in block KG D6 off the east coast of India, RIL said in the release.

RIL and BP are developing three deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster, and MJ – which together are expected to meet ~ 15% of India’s gas demand by 2023.

These projects will utilize the existing hub infrastructure in the KG D6 block.

RIL is the operator of KG-D6 with a 66.67% participating interest and bp holds a 33.33% participating interest.