Reliance Industries Limited (RIL) has announced discovery of another oil well in Cambay basin.

This discovery, named ‘Dhirubhai–50’, the seventh oil discovery in the block so far, has been notified to the Government of India and to the Director General, Directorate General of Hydrocarbons. The potential commercial interest of the discovery is being ascertained through more data gathering and analysis. This discovery supplements the understanding of the petroleum system in the Cambay basin in general and this block in particular. Based on interpretation of the acquired 3D seismic campaign in the contract area, several more prospects with upside potential have been identified at different stratigraphic levels.

The discovery is significant, as this play fairway is expected to open more oil pool areas leading to better hydrocarbon potential within the block. The block CB-ONN-2003/1 is located at a distance of nearly 130-km from Ahmedabad, Gujarat in the Cambay basin. The block covers an area of 635-sq km in two parts, viz. Part A & Part B. RIL, as Operator, holds 100% Participating Interest (PI) in the block.
The site in Cambay basin is located at 130 km from Ahmedabad, Gujarat. “The potential commercial interest of the discovery is being ascertained through additional data gathering and analysis,” the company said in a statement to the Bombay Stock Exchange (BSE).

It is being reported that the well flowed about 410 barrels of oil per day and the company has 100 percent interest in the block. After the news, the scrip of RIL was trading at Rs. 1,081.80 which was up by 1.74 percent on the Bombay Stock Exchange (BSE).

Mukesh Ambani – led, Reliance Industries Ltd (RIL) may rope in strategic investor for its Haryana Special Economic Zone project, which will be developede as a joint venture with Haryana government on about 9,600 acres of land.

RIL, in its annual report for 2009-10 has declared that it might bring in a strategic investor to halp maximize the potential of the investment made so far and make it a truly global investment destination. The report was issued to the shareholders for the company’s forthcoming annual general meeting to be held on Jun 18.

The RIL shares were trading down by 1.75 per cent, from the previous close on Monday, on the Bombay Stock Exchange (BSE). Meanwhile, the benchmark index, Sensex too traded lower by 1.65% at 16,198 points in the morning trades today. RIL shares have hit 52-week high at Rs 1,186.15 on June 12, 2009 and a 52-week high at Rs 859.15 on July 13, 2009.

The company has formed a joint venture with Haryana government to establish a large scale fully integrated economic enclave as SEZ. It has purchased about 9,600 acres of land and has obtained various approvals from government to establish the SEZ, the report said.

Source:http://news-views.in/ril-mulls-strategic-investor-for-haryana-sez/