Reliance Industries shares gains on reserves hopes

Reliance Industries is the operator of the block with a 60 percent stake.

Written by Reuters | Published: June 14, 2013 10:22:36 am

Reliance Industries Ltd shares gain 1.7 percent after its KG-D6 block partner Niko Resources Ltd said its proved reserves increased by 160 percent,and that a recent gas discovery in the D6 block off India’s east coast could add significantly to future reserves.

* Reliance Industries is the operator of the block with a 60 percent stake. BP Plc holds 30 percent and Niko the rest.


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* The Canadian oil and natural gas producer said in May it made a significant gas discovery,along with its partners,in the KG-D6 block off India’s east coast.

* Niko shares also rose as much as 13 percent in morning trading on the Toronto Stock Exchange on Thursday.


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