India-based energy firm Reliance Industries (RIL) said that it will invest about $6.5bn in its KG-D6 gas fields to re-achieve natural gas production of up to 60 million standard cubic meters per day (mmscmd) by 2019-20.
RIL president & chief operating officer (E&P) B Ganguly was quoted by PTI as saying that the company can achieve a production level of 40 to 60 mmscmd by 2019-20, once they get timely approvals and the right natural gas price.
The Bay of Bengal KG-D6 fields, which commenced gas production in April 2009, have a current production over 14 mmscmd.
The block reached a peak output of 69.43 mmscmd in March 2010 before water and sand ingress led to a shutdown of over one-third of the wells.
Under the fresh investment, RIL plans to earmark $3.155bn for producing 20 mmscmd of gas from R-Series discoveries in the block and a further $1.529bn in four satellite fields to produce 10 mmscmd.
The company will carry out remedial measures to boost production from the currently producing Dhirubhai-1 & 3 (D1&D3) and MA fields.
Ganguly said RIL is planning to invest additional $1.2bn in other discoveries in the block, while the company will invest $747m in increasing production from D1&D3 and MA fields by carrying out booster compressor and repair work at the closed wells.