Mumbai, Sep 21 (UNI) Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani today said the production of oil and gas from its KG-D6 block of the Krishna Godavari Basin will be ramped up to 5,50,000 barrels of oil equivalent per day (bpd) over the next 6-8 quarters.
This was announced here, at a largely attended media conference, after Mr Ambani said RIL had commenced production of hydrocarbons from the Block with the flow of crude oil on Sept 17.
The field will initially produce about 5,000 barrels of crude per day.
Mr Ambani said the KG-D6 Block will account for 40 per cent of the country's current indegenious hydrocarbon production.
He estimated the production from the KG-D6 facility would save India an annual foreign exchange outflow of 20 billion dollars.
UNI SA SR BST1624