Financial Daily from THE HINDU group of publications
Friday, Sep 10, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 10, 2004 |
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Petroleum Corporate - Alliances & Joint Ventures GAIL strikes oil in Cambay — Inks pact with Enpro, GSPC Our Bureau
Mr Proshanto Banerjee, CMD, GAIL, holding a container of crude oil struck in Cambay Basin in Gujarat at a press conference in the Capital on Thursday. — Kamal Narang
New Delhi , Sept. 9 GAIL (India) Ltd, in association with Gujarat State Petroleum Corporation (GSPC), has struck oil in the Cambay basin (block CB-ONN-2000/1) in Gujarat. The recoverable reserves, based on initial test results, are estimated to be roughly 10 million barrels, with an upside potential of 50 million barrels. GAIL and GSPC struck oil in the sixth well drilled in a 1,424-sq.-km block under a joint venture agreement. Tests have proven the well to be a prolific light crude oil producer. A detailed geo-scientific study is currently being carried out for appraisal and commercialisation of the reserves, a GAIL statement here said. The company also signed two joint operating agreements (JOAs) on Thursday for exploration and production in the NELP-IV blocks. One pact was signed with Enpro Finance Pvt Ltd for the Tripura block in the Assam-Arakan basin in which GAIL has an 80 per cent participating interest. The other was signed for the Cauvery basin block in Tamil Nadu, where both Enpro and GSPC are the consortium partners and GAIL holds a 50 per cent participating interest. The Tripura block is expected to yield gas while both oil and gas are expected in the Cauvery (on-shore) basin. Exploration activities are currently in progress in both blocks. In a bid to further strengthen its position as an integrated gas major, GAIL is actively pursuing exploration and production (E&P) opportunities. It is actively involved in exploration activities over an acreage of more than 90,000 sq. km and plans to invest about Rs 600 crore in E&P over the next three years. GAIL holds participating interest in 12 exploration blocks, comprising two NELP-I blocks, six NELP-II blocks, two NELP-IV blocks and two `farm-in' blocks. Of these, four are on-land blocks and eight are offshore. The various consortium partners of the company in the 12 blocks are ONGC, GSPC, Gazprom, OIL, IOC, Hardy Exploration & Production, Enpro Finance Pvt Ltd., Daewoo, OVL and Korea Gas. GAIL's participating interests in these blocks varies between 10 per cent and 80 per cent.
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