India’s Reliance Industries, the group with growing natural gas and oil and chemicals businesses, reported increased overall fiscal first-quarter revenues while net income slipped amid moves to boost the nation’s domestic output with more exploration and production to offset LNG and oil imports.
India’s Reliance Industries, the group with growing natural gas and oil and chemicals businesses, reported increased fiscal third-quarter earnings amid moves to boost the nation’s natural gas to offset LNG imports as prices start to decline.
Indian liquefied natural gas imports surged by more than 20 percent last month helped by lower prices and higher domestic gas demand while gas output offshore the Bay of Bengal also increased.
Reliance Industries, the Indian conglomerate and a leading oil, natural gas and chemicals company supplying rising gas volumes to supplement LNG imports, reported a jump in earnings from energy exploration and production amid higher gas prices for more Bay of Bengal volumes.
BP of the UK and one of India’s largest conglomerates, Reliance Industries, plan to develop two deepwater natural gas fields to bring new production to India at a time when the nation is also increasing its LNG imports and expanding its regasification and pipeline infrastructure.