Agency cuts estimate of Reliance’s gas field reserve

Nov 20, 2003 01:00 AM

Reliance Industries' field off India's eastern coast holds less gas than previously estimated, according to a report by DeGolyer & MacNaughton, an agency that certifies oil and gas reserves.
DeGolyer said Reliance's field has reserves of 8.6 tcf of gas compared with 10 tcf estimated previously. The agency said it made an arithmetical error in a March 31 report, which it corrected on Nov. 12.

The discovery of the field was the world's biggest last year and India's largest in three decades. DeGolyer's report doesn't take into account reserves from the last of the eight wells drilled by Reliance, Niko Resources, a Canadian explorer that owns 10 % of the gas field, said.
"Reliance confirms its estimate of original gas in place volume of 14 tcf," spokesman Yogesh Desai said. "All the wells have not yet been fully evaluated" by DeGolyer.

Reliance was still evaluating wells when the report was being prepared, Niko Resources said.
Reliance Managing Director Anil Ambani told reporters Oct.16 that gas production from the fields will begin in early 2004.

Source: Bloomberg
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