Reliance announces steep hike in oil, gas production

Vol 3, PW 20 (27 Oct 99) News in Brief

Reliance Industries has announced a sharp hike in oil and gas production from its joint venture with Enron and ONGC on the Bombay offshore.

In a statement announcing half yearly results on Wednesday (20th October) Reliance said production rose 25% and 33% respectively in the six months ended September 30th. A company statement said oil production increased from 133,000 tonnes to 167,000 tonnes - a growth of 25% while gas production increased by 33% from 5.7m to 7.6m cubic metres per day (cm/d).

Reliance also announced a 22% jump in profits for the first half of 1999-2000 prompting a scramble to acquire stock on the Bombay Stock Exchange. Reliance stock jumped 7% on the news to close at 255.00 rupees.

Managing director Anil Ambani said Reliance would be listed on the New York Stock Exchange within two years.