Reliance shuts offshore oil & gas field in KG basin after decline in output Noor Arora
Reliance Industries Ltd has shut down an offshore oil and gas field on the eastern coast of India, the company said in a statement on Friday, after seeing a natural decline in output for months. The closure marks the beginning of the end of the company's first foray into oil and gas exploration and production that started in September 2008 when the field produced first oil. "Production from the field had been under natural decline and facing continuous challenges due to high water production and sand ingress... and had no remaining reserves," the company statement said. The MA field, which was primarily an oil-producing field, is among the three oil and gas fields that the company has in the Bay of Bengal's Krishna-Godavari (KG) basin. The others are the D1 and D3 fields, which are natural gas producing fields. These fields started production in April 2009.
ARTICLE SOURCE: BS