Reliance Industries Ltd (RIL) plans to begin production from its NEC-25 gas block in the Bay of Bengal by mid-2019.
In a presentation to analysts after announcing its results today, RIL said an integrated block development plan for four discoveries (D-32, D-40, D-9 and D-10) had been sent. The scheule is, however, subject to schedule.
They also reported measures taken to check falling output in the KG-D6 field. “The expectation is that the drop in gas production might reduce to an extent," said an anlayst from a Mumbai-based broking firm.
From its coal bed methane blocks in Sohagpur East and West (in Madhya Pradesh’s Shahdol district), the company expects to begin production by 2014-15. In the presentation, RIL said it had been granted extension for the development phase of these blocks up to October 2014 and December 2014, respectively.
The company, however, relinquished the Sonhat (North) block due to poor prospects. The gas pricing formula for these blocks have been sent for approval to the ministry of petroleum and natural gas.
RIL, said analysts, might bring its satellite and R-series fields on stream slightly ahead of schedule.
RIL also said it had been pre-qualified by the Iraqi government to participate in the bidding round for the Al-Nasiriya integrated project. This aims at development of a over-four billion barrel oil field in Dhi Qar province, together with the construction and operation of a new 300,000 barrels a day refinery.
On shale gas, RIL's revenue is up to $193 million, up 76 per cent in the past year. US gas prices recovered from multi-year lows, supported by higher demand (driven by cold weather), lower gas drilling activity and lower storage levels, RIL said.
Its shale gas business in America comprises three upstream joint ventures, with Chevron, Pioneer Natural Resources and Carrizo Oil and Gas, and a midstream joint venture with Pioneer. Aggregate investments since the inception of these joint ventures stood at $5.7 billion.