Reliance shuts offshore oil-producing field in Krishna-Godavari basin
Updated : September 21, 2018 02:42 PM IST
The closure marks the beginning of the end of the company's first foray into oil and gas exploration and production that started in September 2008 when the field produced first oil.
The MA field, which was primarily an oil-producing field, is among the three oil and gas fields that the company has in the Bay of Bengal's Krishna-Godavari (KG) basin.
The output from the fields started declining rapidly after reaching a peak of 30,000 barrels per day (bpd) of crude oil and 60 million cubic metres per day of gas as the company failed to manage the geological complexities of deep water production.
Have you signed up for Primo, our daily newsletter?It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morningYOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more