Reliance gets nod for $5.2bln KG basin development plan

New Delhi, Dec 13 (UNI) Reliance Industries Ltd today said it has received the approval of the government for its 5.2 billion dollar initial development plan of a deepwater block in Krishna Godavari Basin to produce 80 mmscmd of gas.

The development plan envisages commencement of delivery of first gas by second half of fiscal 2008-09.

The deepwater block, KG - D6 in KG Basin was awarded to the company and Canada's NIKO Resources Ltd under NELP -1 bidding round.

The company, as operator of the block holds 90 per cent of the participating interest.

The block covers an area of 7,645 sq kms and its north-western boundary is about 40-60 kms southcast of Kakinada in Andhra Pradesh.

Water depth in the block ranges up to 2,700 metre.

Reliance Industries made the world's largest gas discovery in 2002 in this block.

UNI CS SI ND1148