India’s Reliance Industries has shut down an oil and gas field in the offshore Krishna-Godavari basin after its production rates began to decline several months ago, the company said in a regulatory filing. The field yielded first oil back in 2008. The Indian heavyweight partnered on the field with BP and Canada-listed Niko Resources. “Production from the field had been under natural decline and facing continuous challenges due to high water production and sand ingress. The field has cumulatively produced about 0.53 trillion cu ft of gas and 31.4 million barrels of oil and condensate and had no remaining reserves,” the statement read. India’s government has been putting a lot of efforts recently to increase the domestic production of crude oil as it seeks to reduce its overwhelming dependency on imported crude, which accounts for more than 80 percent of the national consumption. The problem has become particularly pressing […]