Reliance shares jump on Niko plan to double KG-D6 reserves

Canadian oil and gas producer Niko Resources, which co-owns the KG D6 block in India with BP Plc and Reliance Industries, has prepared a plan to double the reserves.

Accordingly, Reliance Industries will spend $300 million; while British oil and gas major BP will spend $150 million. Niko will invest $50 million for the development of the field.
Shares in the Reliance Industries traded near the day's high, rising 2.5 per cent to Rs 737.70 on the BSE. The Sensex traded 2.45 per cent higher at 17,407.

Reliance has seen its growth outlook marred by falling gas output from the huge KG gas fields off India's east coast, and the company has been under pressure from the government and regulators to raise output.