GSPC-HPCL-led consortium strikes oil in Cambay basin
09 July 2007
Mumbai:
A consortium of Gujarat State Petroleum Corporation
Ltd. (GSPC), Hindustan Petroleum Corp Ltd. (HPCL), Geoglobal
Resources and Jubiliant Oil has struck oil in a block
in Cambay basin, off the Gujarat coast, a source from
HPCL said.
Oil was found in well Miroli-1 in Block CB-ONN-2002/3.
GSPC has 55 per cent stake, while Hindustan Petroleum
and Jubiliant Oil are other partners.
Officials said 180 barrels of oil per day flowed from the well during initial tests, but reserves are yet to be ascertained.
Separately, in a filing with the Bombay Stock Exchange (BSE) HPCL said the flow rate can further be improved by various workovers using latest engineering techniques. The discovery appears to be part of a large structure which may have significant reserves.
The
directorate general of hydrocarbons has acknowledged
the discovery. This is the first discovery by HPCL in
their first exploration venture probed by exploratory
drilling and marks first success in HPCL''s efforts towards
vertical integration, the company said.
Meanwhile, HPCL has joined Oil and Natural Gas Corp
to bid for some of the West African assets of US -based
Devon Energy Corp, reports quoting industry sources
said.
Sources said HPCL is looking at assets in Gabon, while ONGC is considering a move for those in Nigeria and Equatorial Guinea.
Any bid by ONGC will be made through its overseas investment arm - ONGC Videsh Ltd - while HPCL would bid through its exploration arm, Prize Petroleum.