OneIndia
 
Mumbai, July 18: Energy major Reliance Industries Limited (RIL) today announced it had discovered hydrocarbon in the Cauvery deep-water basin.

The company, which had acquired the block under the third exploration bidding, has sent the discovery notice to the Directorate General of Hydrocarbons (DGH).

This is the first time a hydrocarbon discovery has been made in the Cauvery basin with an area of 14,235 sq. kilometer, which was awarded to RIL under NELP 3, which holds cent per cent interest in the block.

Talking to media persons here today, PMS Prasad, President Reliance Petroleum said, ''The quantity of oil and gas is yet to be ascertained and it is too early to establish the commerciality of the find. The process of appraisal of the well would be undertaken first, thereafter commerciality would be established,'' he said.

The company had started drilling two wells in the block recently and the drilling activity in one of the wells has been completed.

RIL deployed two rigs in the block to search for hydrocarbon.

The deep water block (CY-III-D5) is located 40 kms from Pondicherry and spread across an aerial distance of 40 square kilometer in the east coast.

RIL's gas find comes barely a year before its giant fields in the Krishna-Godavari region goes into production. The company is awaiting government approval for determining the price at which it would sell the gas to the consumers.