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Jan. 17, 2008 / 9:48 AM

RIL to invest $2B in exploration sector

NEW DELHI, Jan. 17 (UPI) -- Indian company Reliance Industries Ltd. said it plans to invest $2 billion in oil exploration and production within six months.

"We would be investing $1 billion in each of the next two quarters on our oil and gas exploration and development activities," Alok Agarwal, RIL's chief financial officer, told reporters.

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The company struck gas in its Krishna-Godavari basin off the southern Andhra Pradesh coast. Mukesh Ambani-led RIL, India's major private player in the energy sector, said that it plans commercial production of gas from the K-G basin before the end of this year.

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Mukesh Ambani

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