The Hindu Business Line : GSPC finds oil in well discarded by ONGC

GUJARAT State Petroleum Corporation Ltd (GSPC) has discovered a significant quantity of oil in the Tarapur block, which had been bagged by the Gujarat Government company in 2000.

"I am happy to announce that GSPC has discovered oil in the Tarapur oil and gas exploration block for which the production sharing contract was signed on April 12, 2000. The Tarapur block measures 1,618 km for which GSPC is the operator," the Gujarat Chief Minister, Mr Narendra Modi, announced in the Assembly on Friday.

The block was earlier abandoned by Oil and Natural Gas Corporation (ONGC). Later, it was allocated to GSPC, which carried out extensive geological and geophysical work, including analysis of 3D seismic data.

The private sector Hindustan Oil Exploration Company, which had initially joined GSPC as a 50-per cent partner, had also withdrawn from the venture, the Chief Minister said.

Mr Modi announced that GSPC has successfully spudded the first exploration well in Mitrampura village near Tarapur in Anand district last month. The well, Tarapur #1, was drilled up to 2,250 metres depth and various prospective hydrocarbon zones were identified.

"A good quantity of oil has been recovered from 1,490 metres depth and it is estimated that this horizon may contain good quantity of oil. The initial recoverable reserves are in the region of 5-7 million barrels and experts say there could be more oil at a greater depth," Mr Modi said.

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