RIL and its British partner BP plc have submitted to the government plans to bring to production satellite fields in the eastern offshore KG basin block to raise output that has plummeted to less than 16 million standard cubic meters per day from about 64 mmscmd achieved three years ago.
We are planning to invest in a series of projects to develop around 4 trillion cubic feet of discovered natural gas resources from the block," Ambani said in the company's annual report for 2012-13.
While RIL-BP have planned various activities including work-overs, side tracks and compressor addition to maximise recovery from the existing wells, new production would be added in 4-5 years using existing infrastructure, he said.
"The field development plan for the R-Series project (in the KG-D6 block) has been submitted to the Government of India for approval. This along with other projects is expected to add incremental production in the next four to five years," he said.
RIL has discovered 18 gas fields in KG-D6 block. Of these, only two (Dhirubhai-1 and 3) have been put to production. Satellite fields are now being planned to be developed.
"We believe gas from these projects will deliver energy to millions of Indians and would significantly help India in reducing import dependence," Ambani added.
RIL said average production from KG-D6 block during 2012-13 was 26 mmscmd of gas and 9,225 barrels of oil per day. "The fall in production is mainly attributed to geological complexity, natural decline in the fields and higher than envisaged water ingress," the annual report said.
To augment production from the current fields (D1-D3 and MA), various Base Management actions including work overs, side tracks, compressor, enhancement of water handling capacity and a new well in the MA field will be undertaken in FY 2013-14.
"The next wave of projects in KG-D6 block are envisaged to be undertaken over the next three to five years and entail a potential total investment in excess of USD 5 billion to develop around 4 trillion cubic feet (TCF) of discovered natural gas resources," RIL said.
At current international LNG prices, it would cost more than USD 50 billion to import this volume of gas into India. The field development plan for R-Cluster, submitted in January 2013, proposed to maximize infrastructure utilisation of existing D1 and D3 hub.
"The company is creating a projects pipeline for the next wave of oil and gas development, which includes satellite discoveries in KG-D6 block.
"Under the block's enhancement plan, the company aims to invest in a series of projects to develop around 4 trillion cubic feet (TCF) of discovered natural gas resources over the next 3-5 years," RIL said.
At current international Liquefied Natural Gas (LNG) prices, it would cost over USD 50 billion to import this gas volume into India.
"It aims to install minimum essential, safe and suitable incremental facilities for R-Cluster's integration. Similarly, development of all satellite discoveries is being planned as part of an integrated concept," RIL said.
Additionally, potential upside through resource accretion is being targeted by undertaking exploration drilling in the existing production area with the approval of Government, the company said. By the end of 2012, fields in the KG-D6 block had produced 2 tcf of gas and 22 million barrels of oil, saving nearly USD 35 billion in energy imports.
"To complement the existing asset base, RIL continues to look at new opportunities globally that are a strategic fit with capabilities and integrated petroleum value chain," the company said, adding that it aspires to become a global top 10 independent hydrocarbon producer.
In its second year of the partnership, RIL and BP combined their expertise in deepwater exploration and development and operations in India. "Both the teams worked closely to understand the complex geology of the east-coast of India including KG-D6 block. The efforts are on to map out an exploration and development campaign that will efficiently target high quality prospects in deeper zones and optimise existing as well as future development plans," the annual report said.
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