R Cluster is the first in trio of projects that account for 25 per cent of domestic production of these companies; S&P Global's unit CRISIL Risk and Infrastructure Solutions Ltd will conduct online auction process

R Cluster is one of the three deepwater gas projects started by RIL and BP in block KG D6; together they are expected to meet 15 per cent of India's gas demand by 2023

Gas production from R-Series has been delayed by six months because of COVID-19 pandemic and related disruptions in supply chain. Production from Satellite and MJ fields are expected in next financial year

Reliance Industries Ltd (RIL) said in an investor presentation after announcing its second-quarter earnings that all wells have been drilled, completed, tested and connected and all sub-sea installation and testing works have been completed

Singh's appointment comes at a time when RIL is in the process of carving out the O2C business into a separate unit - Reliance O2C Ltd - for a possible sale of a 20 per cent stake to Saudi Aramco for $15 billion

Despite the write off, the company has further invested $5 billion along with RIL at three blocks in KG Basin- R Series, Satellite & MJ. BP's share would come around $1.5 billion in the new investment

O2C business, which is set to be split as a separate division, saw revenue declining by 33 per cent YoY to Rs 25,192 crore, due to lower price realisations with disruptions in local and regional markets amid the COVID-19 outbreak

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Combined production from these three fields is expected to be 30 million standard cubic metres per day (mmscmd) by FY2024

Realising digital ambitions of Jio Platforms and shifting focus of Reliance Industries' petrochemicals business from petrol and diesel production would be the next challenges Chairman Mukesh Ambani has to face

In August last year, Mukesh Ambani had announced to sale 20 per cent stake in the oil-to-chemical (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to Saudi Aramco

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Natural gas output from Dhirubhai-1 and 3 gas fields in the KG-D6 block in the Bay of Bengal started to lag company projections from the second year of production itself in 2010 and the field ceased to produce in February this year much ahead of its projected life

Reliance said it expects to achieve a peak output of around 28 million standard cubic metres per day by FY24 when all three projects are up and running

RIL and its joint venture partner BP Plc are investing Rs 35,000 crore to develop three fields - R Series, Satellite & MJ. The JV is slated to commence commercial production from R-Series in June this year

This will be the second reduction in six months and will reduce rates to the lowest in two-and-half-years

Under the restructuring exercise, the broadcasting business will be housed in Network18 and the cable and ISP businesses in two separate wholly-owned subsidiaries of Network18

Reliance-BP is likely to offer as much as 5 million standard cubic meters per day of natural gas for bidding from newer discoveries in KG-D6 in next few days

RIL shares touched an intraday high of Rs 1,423.5 on BSE, rising 3.16% as against the previous close of Rs 1,385.85.