India's Reliance Industries strikes oil in western India

Reliance has 100 percent interest in an on-land exploration block that covers an area of 635 square kilometres (245 square miles) in the Cambay basin in Gujarat state.

The discovery has been named "Dhirubhai 43" after the founder of the Reliance empire Dhirubhai Ambani and because it is the 43rd oil discovery by the firm across India.

Five wells were drilled in the block and oil was found in the fifth, Reliance said in a statement.

"Reservoir thickness of 15 metres was found. The well flowed at the rate of 500 barrels of oil per day," the statement added.

"This discovery is expected to open future potential within the block," the company said. Commerciality of this discovery is being ascertained through more data gathering and analysis, it said.

In April, Reliance said gas production commenced from its KG D6 field off eastern India, which is among the five largest deepwater gas projects in the world.

Reliance also operates 14 oil blocks globally in South America, the Middle East and Australasia.

The firm operates the world's first fully-integrated petrochemicals refinery in Jamnagar in Gujarat.

Reliance shares rose as much as 3.72 percent to a day's high of 2,100 rupees on Tuesday, before slipping on profit taking to 2067.4 rupees, up 42.85 rupees or 2.12 percent.

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