2 Apr :Mukesh Ambani-run Reliance Industries made history when natural gas from its deep-sea Krishna Godavari basin fields flowed to the surface today, a feat achieved in just seven years, something that will transform India’s energy situation.
Reliance Industries began gas production from on Wednesday, and the output is at 2.5 million cubic metres per day, Petroleum Secretary R S Pandey said, adding India will save USD nine billion annually in the oil import bill because of Reliance gas.
"Natural gas production from wells started at 1700 hrs yesterday and it reached the onland receiving facility at Gadimoga in Kakinada district of Andhra Pradesh this morning," a source in the know of he development said.
Revenues from KG-D6 gas sales are expected to be USD 42 billion over the life of the field, and the Government’s profit share at a minimum USD 14 billion, Pandey said.
A company spokesperson confirmed start of gas production, but did not give details. "We will be issuing a statement shortly," he said.Reliance took just seven years from the date of discovery to begin gas production from the deep-sea KG-D6 block as against the global practice of a minimum of nine years.