Reliance Industries on Monday said it has no plans to spin off its Krishna Godavari gas field into a separate company and rope in a strategic partner.
"There are no such ideas. I am not aware of any such developments. We are proceeding on development of the gas field and will deliver gas in June 2008," RIL CEO (oil and gas) P M S Prasad said in New Delhi.
He said Reliance will start production from the KG-D6 block in June 2008 but is also targeting
to produce 40,000-50,000 barrels of oil in the first half of 2008. "Our intention is to bring oil first," he said.
"It is late in the day to say that we don't have technology. It is not even a time to think of a strategic partner. Once a partner comes in, it will look at things in ab-initio (afresh), that will slow down the whole thing," Prasad said.
RIL's prolific gas find in KG-D6 block off the Andhra Pradesh coast has reserves of about 11.3 trillion cubic feet, and would produce 80 million standard cubic meters per day of natural gas at its peak.