Moneycontrol Bureau
Shares in petrochemicals major Reliance Industries surged 2.3 percent in afternoon Mumbai trading after a government panel recommended to the oil ministry it should allow the firm to recover cost of discoveries to the tune of USD 160.8 million for digging three wells in the KG basin gas reserve off the Andhra coast.
The panel urged the government resolve disputes related to estimating gas reserves in the wells with the explorer and added that the oil ministry should act on raising the output in the KG D6 block.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
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