RIL asks for 3-yr drilling holiday
RIL asks for 3-yr drilling holiday
Reliance Industries (RIL) has requested the oil secretary for a three year drilling holiday from exploring in nine deep-sea blocks due to short supply of drilling rigs worldwide, reports Business Standard.
The undersupply of deepwater drilling rigs has severely affected the company`s drilling operations and even the Directorate General of Hydrocarbons` (DGH) policy of merging exploration phases to tide over shortage of drilling rigs was inadequate, according to the company.
The company has committed to drill 73 wells in the three NELP-I blocks, five NELP-III blocks and one pre-NELP block. For this the company requires more than 12 dig years to accomplish the program.
Shares of the company closed down Rs 66.95, or 2.7%, at Rs 2,416.95. The total volume of shares traded at the BSE was 1,145,128. (Monday)
