reliance-industries-announces-oil-discovery

Reliance Industries announces oil discovery

Reliance Industries announces it has discovered oil in its exploration block and emphasizes focus on retailing at company's annual general meeting on June 27.

By Sameera Anand

June 27, 2006

Reliance Industries ôRILö Chairman Mukesh Ambani told shareholders at the companyÆs 32nd annual general meeting AGM on June 27 that it had discovered oil in its exploration block in the Krishna Godavari basin off the east coast of India. Mukesh Ambani did not share details regarding size of the find commenting that the potential of the oil block was yet to be assessed but did say that ômore than the size the discovery signifies a large geological play that could result in future discoveries. The company has tested in two zones located 3 kilometres below the sea. At the same meeting Mukesh Ambani also announced a decision to expand the companyÆs polyester portfolio from...

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