<p>Reliance Industries Limitedplansto invest upto $2.338 billion in the R-Series gas field in its eastern offshore KG-D6 block. RIL expects to produce about 15 million standard cubic meters of gas per day, from the D-34 discovery, also known as R-Series field. Reliance estimates that the R-Series field has gross in-place gas reserves of 1.64 trillion cubic feet, and can be brought into production in 4 to 5 years.</p>
<p>The proposal to declare the commercial worth of the field is likely to be presented before the KG-D6 block oversight committee this week. One member each from Reliance Industries Limited and its two partners, BP public limited company of UK and Niko Resources of Canada constitute the Management Committee for KG-D6, besides members from the oil regulator DGH and the Indian Petroleum Ministry.</p>
<p>Sources reveal that the Management Committee will only consider the Declaration of Commerciality for the D-34 field in the KG-D6 block.The reason being, DGH has raised objections on the technical data for Dhirubhai-29, 30 and 31 discoveries. It has asked Reliance to withdraw the current proposal and resubmit it later.</p>
<p>Reliance believes that D-29, D-30, D-31 and D-34 hold gross in-place reserves of 2.2 trillion cubic feet and estimates to produce a peak output up to 20 mmscmd. However, considering that DGH has asked D-29, 30 and 31 to be disassociated, RIL’s current proposal reckons D-34 to produce 14.68 mmscmd of gas from 11 wells, for eight years. The provision of investment details is an approximate figure and a firm development plan will be submitted after the DoC is approved.</p>
<p>Reliance has made 18 gas discoveries in the KG-D6 block, till now. D1 and D3 contribute the largest amount to the production, which started in April, 2009.Previously, RIL has submitted FDP for four satellite fields around D1 and D3 fields in KG-D6 block. RIL’s investment proposal of $1.529 billion to produce 10 mmscmd of gas by 2016, from D2, D6, D19 and D22 fields awaits approval from the Oil Ministry.</p>