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Reliance strikes oil in Yemen
Tuesday, 17 June 2003, 19:30 IST
NEW DELHI: Reliance Industries, India's largest refiner and petrochemicals maker, Monday said it had struck oil in an onshore block in Yemen.
"The Yemen discovery is expected to be equivalent to about half of Reliance's share of crude oil from the Panna-Mukta-Tapti offshore fields in the Bombay High region," Mukesh Ambani, chairman of Reliance Industries, told a shareholders meeting.
Last year Reliance Industries, India's largest private business conglomerate, had announced the discovery of gas in the deepwater Krishna-Godavari Basin off Andhra Pradesh.
Reliance had estimated the in-place gas volume for this discovery at seven trillion cubic feet. Since then Reliance has intensified exploration efforts and, in the first phase, drilled eight wells.
"Concurrent with gas exploration and production in the Krishna-Godavari basin, Reliance will be building a gas transmission infrastructure to take gas to industrial, commercial and household consumers by the year 2006," said Ambani.
"Oil and gas will propel Reliance to be a truly global corporation and mark a spectacular opportunity of huge value creation for shareholders," he added.
"Our vision is to be an integrated energy company with a world class exploration and production organisation and assets. This will be a fountainhead of growth and prosperity of Reliance and of India in the twenty-first century."
Ambani said Reliance was committed to spending about 
15 billion over the next two years in exploration.
"Reliance is also leveraging its success in India to actively pursue prospects in attractive and politically stable regions in the world."
Source: IANS
15 billion over the next two years in exploration.
"Reliance is also leveraging its success in India to actively pursue prospects in attractive and politically stable regions in the world."
Source: IANS