(ET)
Reliance Industries has signalled that its three operational wells at the Krishna-Godavari basin block are close to the end of their production and the company is working on extending its life cycle until a time it can replace it with output from new wells.
Earlier this month, RIL chairman Mukesh Ambani, along with partner BP Plc chief executive officer Bob Dudley, expresses renewed confidence in the policy environment and the regulatory regime and said they they would jointly invest $6 billion in new fields discovered earlier in the deep-sea KG basin block.
The company is also upbeat on its fuel retail business and aims to have a pan-India presence by the end of 2017-18 after witnessing a robust growth in sales volumes of diesel due to a discount offered by the company to counter the impact of demonetisation.
