Mumbai—India’s Reliance Industries Limited, operator of India’s first deepwater gas project and largest refinery, has slashed its proven gas reserves estimate at the end of its 2011- 2012 fiscal year by 44% to 103.96 billion cubic meters from 185.82 Bcm at the start of the year, according to the company’s annual report released May 8. RIL attributed a major part of the downward revision to a farm out of 30% stake in 20 oil and gas blocks to BP, which gave the UK oil major ownership over 56.62 Bcm of reserves. Meanwhile, the company produced 12.82 Bcm of gas in the fiscal year and downgraded its proven reserves by 12.42 Bcm, it said.
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