New Delhi, Nov. 10: Reliance Industries has struck oil on land in Gujarats Cambay basin, at a distance of 130km from Ahmedabad. The oil was found in the fifth well, which was drilled to a depth of 1451 metres.
Reservoir thickness of 15 metres was found. The well flowed at the rate of 500 barrels of oil per day, a company statement said.
This discovery is expected to open future potential within the block, Reliance said, adding the discovery had been named Dhirubhai-43.
Commercial viability of this discovery is being ascertained through more data gathering and analysis. 3d seismic data have been acquired over 80 per cent of the block and 2d seismic data have been acquired over the entire area, it said.
Analysts said further drilling was necessary to assess the significance of the find and once the reserves were proven, its value could be determined.
The oil discovery adds to hopes that success in RILs exploration business will help to allay worries on the refining margin side.
The Cambay basin block was awarded to RIL in the fifth round of bidding under the new exploration licensing policy. The company holds 100 per cent participating interest in the block.
The discovery has been notified to the government and the directorate-general of hydrocarbons, RIL said.
RIL today told the Supreme Court that the family agreement of 2005 was irrelevant for arriving at a suitable arrangement for the supply of gas to Anil Ambanis RNRL and the price of the gas had to be approved by the government.
On its part, RNRL filed a fresh affidavit before a bench headed by Chief Justice K.G. Balakrishnan, accusing the government of changing its stand on the gas row. RNRL has objected to the involvement of the government in the gas dispute and alleged that the stand of the ministry of petroleum was dishonest and collusive. RNRL opposed RILs stand that the supply of gas from KG Basin at $2.34 per mBtu was not feasible.