Reliance crude oil to save Rs 90,000 Cr per year in imports
According to reports, the total oil and gas produced by Mukesh Ambani’s Reliance Industries Ltd in the next 18 months would save about Rs 90,000 crore a year in imports, assuming crude oil price of $100 per barrel. By adding 40% of the existing domestic production of hydrocarbons, it would also save subsidy by providing a cheap ingredient for making fertilizers.
Crude is flowing at an initial rate of 5,000 barrels per day and will go up to 5.5 lakh barrels of oil equivalent in the next six quarters in one of RIL’s concessions in Krishna-Godavari basin.
Oil-equivalent does not mean the number of barrels but the quantity of hydrocarbons equal to the heat generated from burning a corresponding number of barrels of oil.