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The minister also said the country's natural gas output in the current year to March 31, 2013 is likely to be 43 billion cubic metres, down 9 percent from a year ago.
Reddy said the fall in gas output would be "mainly due to lower production from the KG D6 deepwater block."
Reliance Industries' key gas producing D6 block has had an unforeseen decline in output that has left India more reliant on expensive liquefied natural gas imports. Analysts Morgan Stanley said on Monday the field could be exhausted in five years.