Reliance Industries Finds Oil in Cambay Basin - Bloomberg

, India’smost valuable company, found oil in a block in the western stateof Gujarat and is assessing the commercial viability of thediscovery, which may help increase domestic fuel supplies.

Exporter of Hookloader Oil Tank

Five wells were drilled in the 635 square kilometer arealocated in the Cambay basin, about 130 kilometers (80 miles)from Ahmedabad, the explorer and refiner said in a statement tothe Bombay Stock Exchange today. Reliance owns 100 percent inthe field, which was won in the fifth round of exploration bidsheld by India, according to the statement. “Once the reserves get proven, then its value can bedetermined,” said Hitesh Kuvelkar , a Mumbai-based analyst atFirst Global Stockbroking Ltd. Further drilling is necessary toassess the significance of the find, he said.

Full Story: Reliance Industries Finds Oil in Cambay Basin - Bloomberg