Hardy Wins India Court Decision over Ganesha-1 Discovery

Hardy Oil and Gas reported Monday that the Hon'ble tribunal in India has issued an award in the company's favor regarding the nature of its Ganesha-1 discovery, which is located in the CY-OS/2 exploration block offshore India. The company said that it can now go ahead with undertaking appraisal activities on the block.

In January 2007, Hardy reported that its Fan A-1 exploration well (the Ganesha well) had discovered hydrocarbons but in 2009 the Indian upstream oil and gas regulator (the DGH) informed the company that the Ganesha discovery is classified as an oil discovery, which meant that the allowed appraisal period for the discovery had lapsed.

Hardy, the operator of the CY-OS/2 exploration block with a 75-percent interest, that the Hon'ble tribunal's decision now means it can undertake appraisal activities on the block for another three years. The tribunal also awarded Hardy and its partners recovery of costs incurred as a result of the arbitration.

Ganesha-1 is a natural gas discovery located immediately offshore from Pondicherry, India. It is estimated at holding 2C contingent resources of approximately 130 billion cubic feet and has already been flow tested at a peak rate of 10.7 million standard cubic feet per day.

 

 

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Stephen Jacobs | Feb. 4, 2013
One more example of why India cannot attract much exploration investment. The DGH should have celebrated Hardys discovery as a successful reward of a risk-taking partne,r rather than try to swindle it away from them after the risk was removed - by the investment and work of others. The Indian people were prevented from gaining the benefit of this development for years by a few greedy souls mis-using the regulations to "gain benefit to the state", while actually only hurting the Indias reputation and economic development. Shameful nationalism if not racism. A simple apology on the part of the DGH could actually result in a boost to investment and exploration if they knew how business is properly conducted.


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