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Reliance Posts Lower Q1 Production, Advances Energy Infrastructure Projects

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Reliance Industries reported Q1 earnings on Friday, showing KGD6 hydrocarbon production of 59.2 billion cubic feet equivalent, compared with 63.9 Bcfe a year earlier.

Coal Bed Methane hydrocarbon production increased to 3.1 Bcfe for the quarter ended June 30, from 2.8 Bcfe a year earlier.

The company produced an average of 24.8 million standard cubic meters of gas per day and about 16,721 barrels per day of oil and condensate from KGD6.

Oil-to-Chemicals throughput declined to 18.1 million metric tons during the quarter, compared with 19.1 million mt a year earlier.

Production available for sale also decreased to 15.6 million mt from 17.3 million mt.

Reliance expanded Jio-BP's fuel retail network to 2,221 outlets, up from 1,991 a year earlier. Jio-BP is a joint venture between Reliance Industries and BP (BP), where Reliance Industries holds a 51% stake.

Motor spirit sales volumes increased 16.8% over the year, while High-Speed Diesel volumes declined 1.9%, according to the company.

The company continued the second phase of its CBM development program by drilling 31 of 40 planned multi-lateral wells and connecting 29 wells to production.

Current CBM output stands at about 1 million standard cubic meters per day.

The company completed planned maintenance at its crude distillation and coker units during the quarter while keeping secondary processing units running to limit the impact on throughput.

Jio-bp expanded its electric vehicle charging network to 5,820 live charging points and grew its Clean N Green network to 131 compressed biogas outlets.

Compressed biogas volumes rose 161% over the year, while compressed natural gas volumes increased 13%, Reliance said.

Price: $41.72, Change: $+0.64, Percent Change: +1.56%

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