A source tells PETROWATCH the estimate of in-place oil could be as high as 40m to 50m barrels. "We expect the new discovery could generate Rs1, 000cr ($222m) for GSPC," he adds.
GSPC made the discovery on July 9th and flowed the well for two days. Tests reveal the crude quality is 36-API. Well PK-2 is the 6th well in GSPC's 7-well exploration program at CB-ONN-2000/1.
"This is a significant oil find," a source tells this report. "It's much bigger than the PK-1 well that was drilled last year." In June last year, GSPC discovered 10m barrels of oil and 300bn cubic feet of natural gas in the PK-1 well.
PETROWATCH has learned testing is still underway and should be completed around August 15th
. On July 7th, GSPC completed the two and a half year Phase-1 of the exploration program at CB-ONN-2000/1. Data from the DGH reveals that ONGC had drilled 28 exploration wells across the 1,424-sq km area of the block before it was auctioned under NELP-II. ONGC reported small but negligible discoveries, including the small producing Boala gasfield ring-fenced inside. DGH data also reveals that ONGC encountered hydrocarbons in five wells: Jevanpura-1, Ambheti-1, Wataman-3, Pisanala-1 and Kauka-1. GSPC is operator at CB-ONN-2000/1 with a 50% stake. Partner GAIL holds 40% but this will rise to 50% when it gets ministry clearance to acquire the 10% stake held by the original joint bidder Joshi Technologies.
CB-ONN-2000/1 was the most fiercely contested block in NELP-II with a total of six bids: Petrom of Romania; Hindustan Oil Exploration and Heramec of the UK; ONGC, IOC and Oil India; Reliance and Hardy Oil; and GPSC, GAIL and Joshi Technologies.
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