Reliance oil, gas output up in Q1
ril.com
Our Bureau (BusinessOnline)
MUMBAI, July 9
PRODUCTION of oil and gas from Panna-Mukta-Tapti fields of Reliance has increased by 32 per cent and 36 per cent respectively in the first quarter of the current year, Mr. Anil Ambani, Managing Director, Reliance Industries Ltd, said.
Oil production increased from 64,000 tonnes to 85,000 tonnes and gas by 5.6 million to 7.6 million cubic meters per day. The oil field is jointly owned by Reliance, ONGC and Enron.
Addressing a press conference to announce the quarterly results, Mr. Ambani said the unit-wide commissioning of the Jamnagar refinery was underway.
RIL's capex during the quarter under review was nearly Rs. 500 crores on the upcoming Jamnagar complex. The full impact of production from the Orissa Synthetics units' is expected to be felt during the current year.
During the quarter under review, the company commissioned four lakh tonnes per annum of polypropylene facilities at Jamnagar. It has revalued its plant and machinery in 1997-98. Consequently, there is an additional charge for depreciation of Rs. 96 crores for the quarter and an equivalent amount has been withdrawn from the general reserve.
Mr. Ambani said economic revival is expected to boost the demand for polymers by five million tonnes globally in the current year. |
