Reliance Industries, BP to invest Rs 40,000 crore in Jointly Owned Gas Block
DSIJ Intelligence / 16 Jun 2017
Reliance Industries and BP announced that they will invest a further Rs 40,000 crore ($6.2 billion) in their jointly owned KG D6 gas block off India's eastern coast.
At Rs 100.90 per share at 1112 hours IST on BSE, Dolphin Offshore Enterprises was trading higher by 11.1%. The stock witnessed a spurt in the volume by more than 16.16 times. Aban Offshore also witnessed a surge in its share price by 7.5%, to Rs 187 per share.
GOL offshore was also trading higher by 19.8% at Rs 15.49 per share. It surged the most among other offshore companies. The stock witnessed a spurt in the volume by more than 12.26 times. It also breached its upper circuit at Rs 15.50.
Hindustan Oil Exploration Company was trading higher by 4.4% at Rs 74.45 per share.Jindal Drilling Industries was up by 16.3% at Rs 165.15 per share. The stock witnessed a spurt in the volume by more than 30.94 times. Oil Country was up by 16.7% at Rs 53 per share.
On Thursday,the heads of Reliance Industries and BP announced that they will invest a further Rs 40,000 crore ($6.2 billion) in their jointly owned KG D6 gas block off India's eastern coast. It will enable India's gradual migration to a gas-based economy.The investment is expected to produce 30 to 35 million cubic metres of gas a day, phased over 2020 to 2022.