It should go uoto Rs250 by the endof JAN2009
Thomson Financial News
RPT India's Reliance Industries starts crude production at KG-D6 block
09.21.08, 1:00 PM ET
NAVI MUMBAI (Thomson Financial) - India's largest private sector company, Reliance Industries Ltd., said it began producing crude oil from its KG-D6 block of the Krishna Godavari Basin on Sept 17, confirming media reports.
Initial production levels are at 5,000 barrels of crude per day. Peak
hydrocarbon production of 550,000 barrels of oil equivalent per day (boepd) is expected over the next six to eight quarters, the company announced at a press event over the weekend.
'India's current hydrocarbon oil and gas production is 1.3 million boepd. With Reliance's contribution in the energy sector, India's indigenous production of hydrocarbons will increase by over 40 percent in the next 18 months,' chairman and managing director Mukesh Ambani told reporters.
The energy and petroche ...more