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Reliance Industries draws Rs 1.5 lakh cr capex for 3 years

RIL and its British partner BP plc have submitted to the government plans to bring to production satellite fields in the eastern offshore KG basin block to raise output that has plummeted to less than 16 million standard cubic meters per day from about 64 mmscmd achieved three years ago.

June 06, 2013 / 04:12 PM IST
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Moneycontrol Bureau

Reliance Industries has lined up  Rs 1.5 lakh crore capex to be spent in its various business verticals in the next three years, of which 85 percent would be in oil, gas and petchem businesses, informed Mukesh Ambani, chairman and CEO,RIL in the firm's 39th annual general meeting.

RIL is in the process of getting government approval for putting to production newer and satellite gas fields to arrest the decline in output from the main fields on the KG-D6 block. It will also be investing in expansion of its petrochemical business to meet rising demand of plastics and polyester.

RIL is setting up an around USD 4 billion petroleum coke gasification project that will produce synthetic natural gas that will replace expensive LNG as fuel.

The company has submitted a development plan for KG-D6 R-Series and and is targeting development of over 4 trillion cubic feet of recoverable resources.

RIL Chairm has last year announced plans to invest Rs 100,000 crore across energy, retail and telecom businesses in the next five years to double operating profit and has now upped its by 50 percent on better business scenario across verticals.

Did you read: Reliance Industries will invest $5 bn in KG block


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