News Release Details
GSPC, HPCL make oil find
Mumbai 10-Jul-2007
A Consortium of Gujarat State Petroleum Corporation Ltd (GSPC) and state-owned refiner and oil marketing company Hindustan Petroleum Corp Ltd (HPCL) and other partners have made an oil find off the west coast in Cambay basin. The discovery has been acknowledged by upstream regulator Directorate General of Hydrocarbons. 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 exploration Block CB-ONN-2002/3 of about 285 Sq km of area was awarded to the consortium of GSPC (55 per cent), Jubilant Oil & Gas Pvt Ltd (20 per cent), Prize Petroleum Co Ltd (PPCL) (15 per cent) and Geo Global Resources (Barbados) Inc (10 per cent) under the fourth round of New Exploration Licensing Policy (NELP) in 2004. PPCL has assigned its 15 per cent Participation Interest to its promoter and parent firm HPCL. The exploratory location was drilled to fulfill the minimum work programme in phase-I of the production sharing contract. This well was drilled to a depth of 2479m, targeting the deeper prospects Deccan & Olpad formation and also test and evaluate the reservoir potential. Based on 1 quick interpretation and drilling observations, it was decided to carry out detailed testing to evaluate the reservoir potential in different formations. Finally four objects were tested at various depths from 1651-2457 meters. The initial test result observed a flow rate of 180 barrels of oil per day, which can further be improved by use of latest engineering techniques.
Mumbai 10-Jul-2007
A Consortium of Gujarat State Petroleum Corporation Ltd (GSPC) and state-owned refiner and oil marketing company Hindustan Petroleum Corp Ltd (HPCL) and other partners have made an oil find off the west coast in Cambay basin. The discovery has been acknowledged by upstream regulator Directorate General of Hydrocarbons. 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 exploration Block CB-ONN-2002/3 of about 285 Sq km of area was awarded to the consortium of GSPC (55 per cent), Jubilant Oil & Gas Pvt Ltd (20 per cent), Prize Petroleum Co Ltd (PPCL) (15 per cent) and Geo Global Resources (Barbados) Inc (10 per cent) under the fourth round of New Exploration Licensing Policy (NELP) in 2004. PPCL has assigned its 15 per cent Participation Interest to its promoter and parent firm HPCL. The exploratory location was drilled to fulfill the minimum work programme in phase-I of the production sharing contract. This well was drilled to a depth of 2479m, targeting the deeper prospects Deccan & Olpad formation and also test and evaluate the reservoir potential. Based on 1 quick interpretation and drilling observations, it was decided to carry out detailed testing to evaluate the reservoir potential in different formations. Finally four objects were tested at various depths from 1651-2457 meters. The initial test result observed a flow rate of 180 barrels of oil per day, which can further be improved by use of latest engineering techniques.