RIL Discovers More Oil In Cambay Basin

RIL Discovers More Oil In Cambay BasinCountry's biggest private sector company, Reliance Industries (RIL), announced that it has made its seventh oil discovery at a site in Cambay basin, off the Gujarat coast.

In a declaration, RIL stated that it had informed the administration as well as the directorate general of hydrocarbons regarding the discovery, named Dhirubhai-50.

"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).

The company also said that the discovery in block CB-ONN-2003/1, about 130 km from Ahemdabad, is imperative as it is likely to open doors to more oil pool areas, resulting in better hydrocarbon potential within the block.

The statement also said that the well flowed at a rate of 410 barrels of oil per day (bopd).

RIL, as operator, owns 100% interest in the block.

The RIL scrip was trading 1.74% up at Rs 1,081.80 at the Bombay Stock Exchange (BSE). (With Inputs from Agencies)