RIL shows interest in oil fields in Brazil, Gulf of Mexico

RIL shows interest in oil fields in Brazil, Gulf of Mexico

Gadimoga, Andhra Pradesh: Having put to production the KG-basin deep sea gas field in record time, Reliance Industries is now keen on acquiring fields in the Gulf of Mexico and Brazil, its executive director P M S Prasad said on Monday.

RIL had in block KG-D6 off Andhra coast made the world’s biggest gas discovery in 2002 and began production of gas from the fields in just six and half years against a global average of 8-10 years.

“We are fascinated about the Gulf of Mexico and Brazil... the Gulf of Mexico for the sheer fun of being in the place where most of the major deep-water operators are present and Brazil because of the prospects it offers," he told reporters here.

RIL currently produces 36-37 million standard cubic meters per day of gas from D-1 and D-3 fields in KG-D6 block and will hit 80 mmscmd by year end, doubling the availability of domestic natural gas in the country.

“Gulf of Mexico offers one of the most transparent and investor friendly regimes ... someday we will get there," he said.

KG-D6 is amongst the lowest cost deep-water projects of the world. The gas finding and development cost at under $50 per barrel of oil equivalent is almost 40% lower than similar deep-water projects worldwide.