i Develop Stocks Advisory

RIL gas find in Mahanadi basin block Reliance Industries Ltd announced on Tuesday that it had struck gas in the NEC-OSN 97/2 (NEC-25) block located in the NEC-Mahanadi offshore basin, off the Orissa coast in Bay of Bengal. This shallow water block covers an area of 10,755 sq km and water depths ranging between 20 metres and 600 metres. This is the eighth discovery in the block. RIL had earlier struck six consecutive commercial discoveries in this block, for which the development plan has been submitted to the Directorate General of Hydrocarbons for approval. The block was awarded under the bidding round of NELP-I. RIL holds 90 per cent participating interest and the rest is held by NIKO Ltd. This discovery, named ‘Dhirubhai–40’ has been notified to the Centre and DGH