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Reliance Industries Ltd. has struck oil in an exploration block off India's eastern coast, with estimated reserves of 1 billion barrels, according to an unsourced report on Thursday.
The discovery, in the D-6 block of the Krishna-Godavari basin off India's east coast, could fetch revenues of $1.8 billion a year for 15 years based on an oil price of $60 a barrel, it said.
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