Mukesh outlines the growth plan of Reliance

India’s biggest corporate giant, Reliance Industries Ltd outlined its growth plan and said it is exploring oil and gas properties overseas, which will help bring about a better balance between domestic and international operations.

“Reliance continues to accrue oil and gas properties overseas. These overseas oil and gas initiatives would reinforce the domestic effort. It will also bring a better balance between domestic and international operations as well as between onshore and offshore properties,” RIL’s chairman and managing director, Mukesh Ambani told shareholders at the company’s 35th annual general meeting in Mumbai.

The petrochemical giant currently has 99,000 sq km of acreage under exploration in Oman, Yemen, Colombia, East Timor and Peru.

Ambani said RIL has also commenced drilling its first offshore exploratory well as an operator in the deep waters of Oman block 18, while the average production from Yemen’s Block 9 has reached a level of 4,200 barrels of oil per day (bpd).

“We have planned an aggressive exploration campaign aimed at diversifying our search for new accumulation over the next three years. We plan to drill in majority of our blocks and propose to accelerate our campaign in the Krishna Godavari basin,” Ambani said.

“With the new discovery made in the basin, Reliance has had 39 discoveries with an overall success ratio of 52 per cent and a high deepwater success rate of 70 per cent. This is considerably higher than the global average,” he added.

The energy major last week announced an oil discovery at a field 130 km away from Ahmedabad in Gujarat, where it has drilled five wells.

This is the company’s second major find after the offshore MA field in the Krishna-Godavari basin.

Asserting that “the best of Reliance is yet to come,” Mukesh Ambani said that Reliance was transforming itself accordingly.