Reliance Industries Ltd. has discovered oil in an exploration block in Krishna-Godavari basin off India's east coast, New Delhi Television (NDTV) reported on Tuesday. It is reported that the oil block has a total capacity of 3,012 barrels per day. Director General of Hydrocarbons V K Sibal was quoted by NDTV as saying, "It is a very significant discovery. More exploration companies will be interested in this basin." India imports 70 percent of the crude oil it consumes. The country began importing liquefied natural gas (LNG) from Qatar last year. Source: Xinhuanet
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