RIL likely to produce natural gas from MJ field starting Q3FY23

Reliance Industries Ltd (RIL) is likely to produce natural gas from the MJ field of the KG D6 block by the third quarter (October-December) of next fiscal.

The company, in an investor presentation, said that the first offshore installation campaign has been completed and the second offshore installation campaign will commence in November 2021.

Noting that drilling and completion of wells are underway and FPSO and Subsea Production System on track, the presentation said: “First gas expected by 3Q FY23.”

Regarding the performance of the oil and gas of the company, the presentation said that significant turnaround in oil & gas business was witnessed with start-up of new production system in KG D6.

The Q1FY22 domestic production (RIL share) stood at at 35.83 BCFE, almost at par with FY20 levels and the revenue was at 10-quarter high.

It added that three rounds of bidding have been completed for KG D6 gas and 18 MMSCMD of gas have been successfully contracted in domestic market.