Mukesh Ambani-led Reliance Industries said it has made the first oil discovery at an exploratory block in the Cambay basin in Gujarat.

The company has found oil for the first time in the exploratory block 'CB-ONN-2003/1', it said in a filing to the Bombay Stock Exchange.

RIL holds 100 per cent participating interest in the block in the Cambay basin, which was awarded under fifth round of the New Exploration Licensing Policy (NELP). The block covers 635 square kilometres.

"The discovery, named 'Dhirubhai-43' has been notified to the Government of India and Directorate General of Hydrocarbons. Commerciality of this discovery is being ascertained through more data gathering and analysis," the filing said.

Shares of the company were trading at Rs 2,084.00, up 2.94 per cent from the previous close on the BSE.