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October 31, 2002 | 1231 IST
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Reliance finds huge gas reserve; names it Dhirubhai

In one of the largest finds of natural gas in the country, Reliance on Thursday announced the discovery of seven trillion cubic feet in place volume of natural gas in the Krishna-Godavari basin of Andhra Pradesh.

"Reliance has discovered natural gas in the very first well it drilled in the deep water block of D-6 in the K-G basin," Reliance CMD Mukesh Ambani said at the AGM in Mumbai.

Reliance had achieved 100 per cent success in all the five wells it had drilled so far in the block with in-place volumes of natural gas in excess of seven trillion cubic feet, which is equivalent to about 1.2 billion barrels or 165 million tonne of crude oil, he said.

"We have decided to name the discovery in memory of our late father as Dhirubhai-1, 2 and 3." Reliance, in consortium with Niko Resources of Canada, was awarded two deep-water blocks in K-G basin under the first offering of NELP.

"Based on the recoverable reserves of over five trillion cubic feet, the gas availability to consumers in the country will be increased by almost 60 per cent," Ambani said.

The company will strive to deliver about 40 million standard cubic meter of gas per day to consumers in three to four years after obtaining necessary government approvals, he said.

The company's shares had surged earlier in the day after it reported its results for July-September after the markets had opened.

They were the first results after the company merged with group firm Reliance Petroleum. Reliance reported its July-September net profit rose 25 per cent from a year earlier, at the higher end of analysts' expectations.

It said it posted a second-quarter net profit of Rs 1,002 crore (Rs 10.02 billion), up from a comparable net profit of Rs 801 crore (Rs 8.01 billion) a year earlier.

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