MUMBAI (AFP) –
Indian energy giant Reliance Industries will launch an "aggressive" oil and gas exploration campaign over the next three years, its chairman Mukesh Ambani told shareholders on Tuesday.

"We have planned an aggressive exploration campaign (for the oil sector) in the next three years," Ambani said in a statement issued by the company after its annual general meeting.

"This will take Reliance to a higher growth trajectory."

Last week, Reliance announced it had struck oil in the Cambay basin in western India, marking its 43rd discovery in India.

The fuel-hungry nation, which imports 70 percent of its oil needs, has been racing to discover new sources of energy to power its fast-growing economy.

In the financial year ended March 2009, Reliance announced the first flow of crude from the company's deep-sea oil and gas field in the Bay of Bengal off eastern India.

Oil production began in September last year in a sector of the Krishna Godavari basin with an initial flow of 5,000 barrels a day.

Gas production started in April at the same basin, which is among the five largest deepwater gas projects in the world.

"The year 2009 was a challenging one. The global meltdown had its impact on communities, companies and countries," Ambani told shareholders.

Last month, Reliance said quarterly net profit fell by 6.5 percent to 38.52 billion rupees (810 million dollars) in the three months to September, as core refining margins fell due to a slide in global crude prices.

Ambani identified the areas of conventional energy, retail business and services, renewable and alternative energy, innovation and rural sector transformation for potential value creation for Reliance.

The company plans to resume expansion of its retail businesses, which had faced opposition from farmers and policymakers across India since its launch.

Reliance Retail, which includes supermarkets and also sells electronic products, clothing and household goods, currently operates 1,000 stores across 86 cities.