What’s new at Reliance India and why it matters?

With the pearl of wisdom “Growth is life”, Reliance Industries Limited (RIL) was established. The company marks a substantial presence in various areas such as petroleum refining and marketing, hydrocarbon exploration and production, petrochemicals, retail, and telecommunications. With its sincere efforts, the company has consistently figured on the prestigious Fortune Global 500 list for the last fourteen years. In the year 2017, RIL ranked 203^rd on this illustrious list. Let’s explore what’s new at Reliance and why it matters.

Latest Updates

Satellite Cluster: In April 2018, BP and RIL announced the sanctioning of the ‘Satellite cluster’ project in KG-D6 block, with an investment outlay of over $ 6 billion. Combining BP’s technology and skills with Reliance’s operational potential, both the companies are moving forward to develop the block’s discovered deep-water gas fields in an integrated series of projects, bringing new gas production for India. The Satellites cluster is a dry gas development and comprises four discoveries with five well subsea development in 1,700 metres water depth, up to 15 kilometres east and southeast of the producing D1D3 fields in KG-D6.

Mukesh Ambani, the Chairman and Managing Director of Reliance, said: “In consonance with our announcements last year to raise domestic gas production, we are delighted to announce the on-schedule progress of the Satellite cluster in the east coast of India. This development supports the country’s imminent need of increasing domestic gas supply and is a firm step towards making India a gas-based economy.”

Adding to the enthusiasm created around this project, Bob Dudley, BP Group Chief Executive said, “This latest investment is a further demonstration of BP’s commitment to India. Through our partnership, Reliance and BP are able to develop these discovered gas resources efficiently and economically, working closely with the Government of India. These new developments will produce much-needed energy for India’s thriving economy.”

Looking ahead!

With this major development in the oil and gas sector, Reliance is moving ahead with strong determination and commitment. There is no looking back now!

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