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Jun 21, 2012, 04.40 PM IST
Shares of Reliance Industries, a flagship company of Mukhesh Ambani Group, fell 2.5% on Thursday as Canadian oil and gas producer Niko Resources Ltd said total proved plus probable natural gas reserves have fallen almost 51% to 377 billion cubic feet equivalent (bcfe) as it struggles with low reserves at its KG D6 block in India.
Shares of Reliance Industries (RIL) tanked 3% after Canada's Niko Resources sharply cut the reserves estimate at the KG D6 gas blocks, off India's east coast, where the two companies are partners.
Niko Resources Ltd has said that total proved plus probable natural gas reserves have fallen almost 51% to 377 billion cubic feet equivalent (bcfe) as it struggles with low reserves at its KG D6 block in India. Proved plus probable reserves at the KG D6 block, as of March 31, have decreased to 193 bcfe, the company said. Niko has a 10% stake in the D6 block, which is estimated to hold more than 9 trillion cubic feet (tcf) of gas. RIL last month cut its India gas reserves by 7% and the Indian government rejected its plan to recover USD 1.2 billion in costs at the gas field. At 10:04 hours IST, the share was trading at Rs 719, down Rs 18.60, or 2.52% with volumes of 1,68,491 shares. Market capitalisation of the company currently stands at Rs 274,046.98 crore. Also watch the accompanying video. (With inputs from Reuters)
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