Business Daily from THE HINDU group of publications
Wednesday, Nov 11, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Wednesday, Nov 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
|
|
|
|
|
Home Page
-
Petroleum Corporate - Announcements
Our Bureaus Mumbai/ Ahmedabad, Nov. 10 Reliance Industries on Tuesday announced the discovery of oil in one of the onshore blocks in the Cambay Basin in Gujarat. The company said this is the first on-land oil discovery in the block and its commercial viability is being assessed. The block was awarded to the company in the fifth round of New Exploration Licensing Policy. RIL holds 100 per cent participating interest in the field, which is located 130 km from Ahmedabad. RIL shares rose 1.89 per cent to Rs 2,052.6 on the Bombay Stock Exchange on Tuesday. However, analysts said this was more to do with news reports of a likely overseas acquisition by RIL. “It will take one or two years for the drilling to finish and only after that, the full potential will be known,” said Mr Alex Mathew, head of Research, Geojit BNP Financial Services. So far, five wells have been drilled in the Cambay block which extends 635 sq km — Part A located in the west covers 570 sq km and Part B in the east stretches 65 sq km. Oil was discovered in the fifth well drilled 1,451 metres and the flow was at the rate of 500 barrels of oil a day. The company said 3D seismic data had been acquired over 80 per cent of the block and 2D data over the entire area. The discovery, named ‘Dhirubhai-43’, has been notified to the Government and the Directorate-General of Hydrocarbons. This discovery is expected to open up future potential within the block, an RIL statement said. Mr Deepak Mahurkar, Associate Director, Oil and Gas Practice, PricewaterhouseCoopers, said the information about the oil discovery by Reliance Industries was not meant to give indication of reserves or production potential. He said Cambay is perceived to be a prospective basin and to know the actual extent of the discovery necessary assessment will have to be done. Adani plansAdani Welspun Exploration Ltd (AWEL), a joint venture between Adani Enterprises Ltd and the Welspun Group, also announced its plans to start exploratory drilling in the southern Cambay Basin. AWEL has completed the first round of 2D and 3D seismic data acquisition, processing and interpretation in its southern Cambay Basin onshore block. It is planning for exploratory drilling by the next quarter, the company announced here. The block, close to Bharuch, was allotted to AWEL in NELP-VI, a company official said. AWEL has majority stake in its Cambay Basin block (90 per cent). RIL strikes gas off Gujarat RIL unlikely to take stake in K-G basin blocks John Energy places orders for 4 more rigs More Stories on : Petroleum | Announcements | Reliance Industries Ltd
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2009, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|