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RIL want ADAG ad campaign banned
By siliconindia
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Monday, 24 August 2009, 23:23 IST
Bangalore: Reliance Industries has hit back at the Anil Ambani group, ADAG for the advertisement propaganda on its gas field capex, calling it "malicious, baseless, mischievous and ill-informed," and that its development cost was the lowest in the world and compares favourably to any project in India.
RIL President and Chief Executive Officer (Petroleum) PMS Prasad on 20 August wrote to Oil Secretary RS Pandey saying, "certain parties are bent upon holding the country's price and national interest hostage to their own narrow commercial interests and are stopping at nothing to destroy the reputation of the country. It is necessary to nip these malafide endeavours in the bud for the sake of the energy security of the country." A day later Prasad was appointed to the board of RIL.
He said that the capital expenditure for developing Dhirubhai- 1 and 3 fields in KG-D6 block had gone up from $2.47 billion in 2003 to $8.83 billion because of increase in reserves by over 2.5 times, trebling of production facilities, doubling of peak production, increase in number of wells, field life and inflation in equipment and services industry.
"Despite the increase in costs, Goldman Sachs' study of the major E&P projects across the world verifies that the finding and development costs of about $5 per barrel of oil equivalent are amongst the lowest in the world," he said, listing F&D cost of a host of projects by global majors.