Thursday, February 28, 2008

Natural Gas Discovery Off India West Bengal Coast

Feb. 27 (Bloomberg) -- Reliance Industries Ltd., owner of the world's third-biggest oil refinery, gained after saying it discovered natural gas in a field off India's east coast.

The Mumbai-based company said yesterday the discovery was made in the shallow-water area of NEC-Mahanadi field, off the eastern Indian state of Orissa.

Reliance rose 11.8 rupees, or 0.5 percent, to 2,587.55 on the Bombay Stock Exchange, after rising as much as 1.9 percent. The shares have fallen 10 percent so far this year, compared with a 12 percent decline in the benchmark Sensitive Index.

Reliance owns 90 percent of the field, and Canada's Niko Resources Ltd. holds 10 percent, according to a statement. This is the eighth gas discovery in the field, the company said.

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