High oil & gas prices lead to significant momentum in E&P
19 Oct '06
1 min read
High oil and gas prices have led to a significant momentum in the E&P industry globally. Despite challenges in discoveries of new reserves, E&P companies world over are using their strong cash flows in investing sizably in their exploration initiatives along with exploiting current production levels.
This has in turn led to a spurt in E&P activities resulting in tight rig availability and increased rig rentals, coupled with increase in cost of related services.
As a forerunner in the E&P sector in India, RIL's business strategy is aimed at enhancing vertical integration in its energy business and capturing the value across the entire energy chain. RIL's oil and gas business provides a strong commitment towards strengthening India's energy security.
RIL is the largest exploration acreage holder among the private sector companies in India with 34 domestic exploration blocks covering an area of about 331,000 sq kms.
RIL also has 5 coal bed methane blocks in India covering an area of about 4,000 sq kms. Additionally, RIL also has interests in one exploration block each in Yemen, Oman and East Timor.
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