RIL is the operator of the KG D6, block with a 66.67 percent participating interest, and BP holds a 33.33 percent participating interest.
Source: Reuters
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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Reliance Industries (RIL) share price rose in early trade on April 26 after the company and BP announced the commencement of production from the Satellite Cluster gas field in block KG D6, situated off India’s eastern coast.
RIL and BP have been developing three deep-water gas developments in block KG D6 – R Cluster, Satellite Cluster and MJ – which together are expected to produce around 30 mmscmd (1 billion cubic feet a day) of natural gas by 2023, meeting up to 15% of India’s gas demand, the company said.
The developments will each utilize the existing hub infrastructure in the KG D6 block.
RIL is the operator of the KG D6, block with a 66.67 percent participating interest, and BP holds a 33.33 percent participating interest.
The Satellite Cluster is the second of the three developments to come onstream, following the start-up of R Cluster in December 2020. It had originally been scheduled to start production in mid-2021.
The field is located about 60 km from the existing onshore terminal at Kakinada on the east coast of India in water depths of up to 1850 meters.
The field will produce gas from four reservoirs, and is expected to reach gas production of up to 6 mmscmd, RIL said.
“Together, the R Cluster and Satellite Cluster are expected to contribute to about 20 percent of India’s current gas production,” RIL said in the statement.
The third deep-water gas development in the KG D6 block – MJ – is expected to come onstream towards the second half of 2022.
Speaking to CNBC-TV18, Prakash Diwan of Altamount Capital Management said that the announcement is a positive for RIL’s oil-to-chemicals (O2C) business.
“The O2C business will now get evaluated in a very different way for the simple reason that one, you have second cluster starting and also the third one is in the pipeline. It gives a lot of revenue visibility and the return ratios change dramatically. So the O2C business NPV valuation will change,” he said.
“I think it is definitely going to have a significant positive impact on the stock and rerating could begin if the numbers which are expected on April 30 also tie in with some growth expectations that is there on margins particularity on GRM. I would believe the stock could start moving to that Rs 2,200 plus zone in the next couple of months,” Diwan added.
At 09:34 hrs, Reliance Industries was quoting at Rs 1,929.50, up Rs 25, or 1.32 percent on the BSE.
The share touched a 52-week high of Rs 2,368.80 and a 52-week low of Rs 1,335.29 on 16 September 2020 and 24 April 2020, respectively.
Currently, it is trading 19.26 percent below its 52-week high and 43.23 percent above its 52-week low.
Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
