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Reliance Industries Shuts Down Its Sole Oilfield In Krishna-Godavari Basin After Production Declined To Zero
Control and raiser platform at Reliance Industries Krishna Godavari Water Basin. (Abhijit Bhatlekar/Mint via Getty Images)
In a regulatory filing, Reliance Industries Limited (RIL) has announced that it is permanently closing its only oilfield in the declining KG-D6 block after production declined to nil level. The D26 or MA field was the only oil discovery on the block and began production in September 2008.
It would be pertinent to note that the company had made 19 oil and gas discoveries in the KG basin. The company also highlighted that post-cessation activities are underway to achieve a safe shutdown of the oilfield.
In its release announcing the field shutdown, the company stated that “production from the field had been under natural decline and facing continuous challenges due to high water production and sand ingress. The field has cumulatively produced about 0.53 trillion cubic feet of gas and 31.4 million barrels of oil and condensate and had no remaining reserves”.
Reliance operates the D-6 block along with BP formerly British Petroleum of United Kingdom and Niko Resources of Canada where the Indian company holds a 60 per cent stake and the Canadian company holds a 10 per cent share with the remaining stake held by BP.
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