Reliance Said to Cut Offshore Oil Output After Drop in Pressure
This article is for subscribers only.
Reliance Industries Ltd., India’s most valuable company, cut crude oil output at an offshore field by 29 percent after wells were unable to sustain a higher rate of production, a person familiar with the matter said.
The Mumbai-based explorer has been producing about 22,000 barrels a day of crude oil from the MA field for about two months because of a drop in pressure, compared with about 31,000 barrels a day in April, the person said, declining to be identified because he isn’t authorized to speak to the media.