Reliance Industries can suspend oil and gas drilling

 Reliance Industries can suspend oil and gas drilling pending an interior valuation of its exploration and production strategy, the Mint newspaper reported on Monday citing sources briefed by the corporate. India's Most worthy company by market capitalization, has seen its growth outlook and market price hit laborious this year by falling gas output from its huge gas fields off the east coast.Reliance can halt drilling for an unspecified time till the review is completed and submitted to the govt. Reliance posted its highest ever quarterly web profit in its Q2 results on Saturday, however analysts targeted on slowing gas output and said refining margins were still below expectations.Last month, India's upstream regulator said Reliance was manufacturing forty four mscmd (million customary cubic metres per day) from its main D6 block, under the sixty mscmd it had been manufacturing a year earlier and much off the planned peak capability of eighty mscmd.The CAG last month criticised Reliance and therefore the government over development of the gas field within the Krishna Godavari (KG) basin and mixed up revamping profit-sharing arrangements from oil and gas blocks.Earlier this year, Reliance sold a 30 % stake in twenty three oil and gas blocks, some within the KG basin, to BP in a very 7.2 billion deal.The British company, with deepwater exploration experience, has said it's assured of raising gas output from the sector from 2014.