GAIL strikes oil, gas in Cambay
By Our Corporate Bureau | 19 Jun 2003
This is the first oil-find by GAIL, which has been jointly exploring (with Gujarat State Petroleum Corporation) for oil and gas under the production-sharing contract.
This marks the gas distribution major''s entry into the upstream oil sector. Only one out of the seven wells in the Cambay oil field have been drilled so far, Naik said at the First Gas Industry O&M Conference held here.
GAIL has also identified reserves in a large offshore block at Myanmar where it holds oil equity in partnership with Korean companies Daewoo and Kuo Gas and ONGC''s subsidiary OVL, the minister said. The first well will be drilled in November 2003. The exact amount of reserves has not yet been quantified.
