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Reliance Industries surges on starting production from Satellite Cluster gas field in block KG D6 with bp

Reliance Industries is currently trading at Rs. 1945.45, up by 41.05 points or 2.16% from its previous closing of Rs. 1904.40 on the BSE.

The scrip opened at Rs. 1916.25 and has touched a high and low of Rs. 1961.00 and Rs. 1911.85 respectively. So far 1025707 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 2368.80 on 16-Sep-2020 and a 52 week low of Rs. 1335.29 on 24-Apr-2020.

Last one week high and low of the scrip stood at Rs. 1961.00 and Rs. 1877.60 respectively. The current market cap of the company is Rs. 1315222.38 crore.

The promoters holding in the company stood at 50.54%, while Institutions and Non-Institutions held 38.28% and 11.19% respectively.

Reliance Industries (RIL) and bp have started production from the Satellite Cluster gas field in block KG D6 off the east coast of India. RIL and bp have been developing three deep-water gas developments in block KG D6 –R Cluster, Satellite Cluster and MJ – which together are expected to produce around 30 mmscmd (1 billion cubic feet a day) of natural gas by 2023, meeting up to 15% of India’s gas demand.

The developments will each utilize the existing hub infrastructure in the KG D6 block. RIL is the operator of the block with a 66.67% participating interest and bp holds a 33.33% participating interest. The Satellite Cluster is the second of the three developments to come onstream, following the start-up of R Cluster in December 2020. It had originally been scheduled to start production in mid-2021. The field is located about 60 km from the existing onshore terminal at Kakinada on the east coast of India in water depths of up to 1850 meters. The third KG D6 development, MJ, is expected to come onstream towards the latter half of 2022.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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