Ge­n­e­sis to do Engg De­sign for an RIL Field

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

New Delhi: Re­liance In­dus­tries has con­tracted off­shore en­gi­neer­ing ser­vice provider Ge­n­e­sis to un­der­take front-end en­gi­neer­ing de­sign (FEED) for its deep wa­ter field in the KG Basin. The con­tract is for de­vel­op­ing the MJ field of KGDWN-98/3 block where Re­liance holds 60% par­tic­i­pat­ing in­ter­est, ac­cord­ing to a state­ment on the Ge­n­e­sis web­site. BP and Niko hold 30% and 10% in­ter­est in the block, re­spec­tively. The work will be man­aged from the Ge­n­e­sis head of­fice in Lon­don, it said.

Last year, Re­liance In­dus­tries had in­vited ex­pres­sion of in­ter­est from con­trac­tors for the devel­op­ment of its deep wa­ter oil and gas fields. This was done fol­low­ing a shift in the gov­ern­ment pol­icy, al­low­ing pro­duc­ers to charge a higher price for gas from deep wa­ter and other dif­fi­cult fields, ef­fec­tively dou­bling the price from what is avail­able to nor­mal fields in the coun­try.

Those en­gaged in gas pricelinked lit­i­ga­tion with the gov­ern­ment, how­ever, can’t avail higher prices for their pro­duce. There­fore, Re­liance and its part­ners may have to with­draw the gas price ar­bi­tra­tion against the gov­ern­ment to take ad­van­tage of this pol­icy.

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