In a recent announcement, Morgan Stanley said the that recent natural gas finds by Reliance Industries in the KG-D6 gas fields and the expected subsequent production could save India about $8.3 billion a year (about 0.7% of GDP).
This estimation assumes 80 million cubic meters per day of gas supplies. RIL is currently doing about 31 mmcmd. The peak output, it is estimated, could replace close to 26 million tonnes of crude oil – as much as ONGC produces domestically! ( 1 cu.m of natural gas equals approximately 1 Kg of crude oil).
RIL started gas production from KG-D6 fields in April 2009 and has signed contracts with 15 fertilizer plants to sell about 15 mmcmd of gas, in addition to contracts with 19 power plants (25 mmcmd) and steel plants (3.3 mmcmd).