On 23 August 2013, RIL and BP made a joint announcement, regarding discovery of new gas condensate
Reliance Industries Limited (RIL) and British Petroleum (BP) announced a new gas condensate discovery off the east coast of India in the Cauvery basin. RIL is the operator with 70 per cent equity and BP has a 30 per cent share.
The discovery is the second gas discovery in the block. It is situated in the deepwater block CY-DWN-2001/2 (CYD5), 62 kilometers from the coast in the Cauvery Basin. The Government of India (GOI) and Directorate General of Hydrocarbons have been notified of the discovery, named D-56. Preliminary evaluation of well data and fluid samples indicated presence of gas condensate in the reservoir interval with a gross column of 143 meters. The well reached its total depth in early August and RIL, as operator, has conducted drill stem test (“DST”) to evaluate the potential of the discovery.
“The well which had the initial reservoir pressure of 8000 psi flowed gas at the rate of 35.2 million standard cubic feet per day with condensate at the rate of 413 barrels per day through 52/64” choke during DST” said RIL and BP in a joint announcement
Gas condensate is a low-density mixture of hydrocarbons, which is a source of raw natural gas. Its discovery would result in lucrative business prospects for RIL. Following the news, investors went bullish on RIL, fuelling up the stock by 1.81 per cent to reach Rs.820.40.