RIL to shut KG-D6 MA oilfield for three weeks

NEW DELHI/MUMBAI: Reliance Industries plans to shut down its production facility at the MA oilfield in the KG-D6 block for annual maintenance for about three weeks by the end of this month.

The shutdown of its floating production, storage and offloading (FPSO) vessel at the field hurt production of about 17,000 barrels per day of oil and 8 million cubic metres a day of natural gas from July 31 to August 20.

The shutdown would have a small impact on the company's earnings and analysts said this would not have a significant impact on market sentiment.

"It is a scheduled shutdown of the floating production storage and offloading platform, so a significant material impact on production is not expected as of now. Markets have taken this information in its stride and there is no related fundamental impact on the stock," said Deven Choksey, MD, KR Choksey Securities.

Reliance's shares rose 1.5% at the Bombay Stock Exchange.

Maintenance shutdowns are routinely undertaken in production facilities such as refineries and oil and gas fields.